Mahindra Susten plans 150 MW renewable project

17 Apr 2024 CW Team

It was stated by the company in a bourse filing that the project would consist of approximately 101 MW of wind and around 52 MW of solar capacity. They also mentioned that the project is scheduled for commissioning within the next two years and will include over 80% locally manufactured components.

Upon completion, the project is expected to supply clean energy to commercial and industrial customers in Maharashtra, producing about 460 million kWh of energy and offsetting nearly 420,000 tonne of CO2 emissions.

As part of this project, the Auto and Farm businesses of the Mahindra Group will secure a contracted capacity of 41.2 MW of wind and 25.9 MW of solar. This segment is anticipated to generate approximately 197 million kWh of energy annually, preventing 184,000 tonne of CO2 emissions.

It is estimated that this initiative will increase the Mahindra Group?s renewable energy share from 34% in fiscal year (FY) 2023 to over 60% by FY26. Additionally, Mahindra aims to transition into a 100% renewable energy company by 2030.

Anish Shah, CEO and MD of Mahindra Group, expressed that energy transition is a crucial global and national priority to tackle climate change. He stated that the project showcases their commitment to sustainability as both a consumer of green power and a developer of 'Planet Positive' businesses. He also highlighted the project's economically beneficial business case and its synergy within the Group. He emphasized that the project signifies a significant milestone in Mahindra Group?s ongoing investments in building and scaling its green portfolio.

In January, Mahindra Group and Ontario Teachers? Pension Plan Board had announced the establishment of the Sustainable Energy Infra Trust with an initial capital raise of Rs 13.65 billion to support the renewable energy sector in India. They claimed that the trust is the largest of its kind, holding approximately 1.54 GW of operational renewable power assets.

In September 2022, Ontario Teachers? Pension Plan Board acquired a 30% equity stake in Mahindra Susten for an equity value of Rs 23.71 billion.

Mahindra Susten, a solar engineering, procurement, and construction company, in collaboration with the Ontario Teachers? Pension Plan Board, announced their intention to develop a 150 MW hybrid renewable power project, with an investment of Rs 12 billion. It was stated by the company in a bourse filing that the project would consist of approximately 101 MW of wind and around 52 MW of solar capacity. They also mentioned that the project is scheduled for commissioning within the next two years and will include over 80% locally manufactured components. Upon completion, the project is expected to supply clean energy to commercial and industrial customers in Maharashtra, producing about 460 million kWh of energy and offsetting nearly 420,000 tonne of CO2 emissions. As part of this project, the Auto and Farm businesses of the Mahindra Group will secure a contracted capacity of 41.2 MW of wind and 25.9 MW of solar. This segment is anticipated to generate approximately 197 million kWh of energy annually, preventing 184,000 tonne of CO2 emissions. It is estimated that this initiative will increase the Mahindra Group?s renewable energy share from 34% in fiscal year (FY) 2023 to over 60% by FY26. Additionally, Mahindra aims to transition into a 100% renewable energy company by 2030. Anish Shah, CEO and MD of Mahindra Group, expressed that energy transition is a crucial global and national priority to tackle climate change. He stated that the project showcases their commitment to sustainability as both a consumer of green power and a developer of 'Planet Positive' businesses. He also highlighted the project's economically beneficial business case and its synergy within the Group. He emphasized that the project signifies a significant milestone in Mahindra Group?s ongoing investments in building and scaling its green portfolio. In January, Mahindra Group and Ontario Teachers? Pension Plan Board had announced the establishment of the Sustainable Energy Infra Trust with an initial capital raise of Rs 13.65 billion to support the renewable energy sector in India. They claimed that the trust is the largest of its kind, holding approximately 1.54 GW of operational renewable power assets. In September 2022, Ontario Teachers? Pension Plan Board acquired a 30% equity stake in Mahindra Susten for an equity value of Rs 23.71 billion.