NIIF emerges as top bidder for Mahindra Susten’s solar assets

18 Dec 2020 CW Staff

The operational assets that are sold include a 337.5 MW Solar park based in Rewa, Madhya Pradesh as well as an 84.5 MW plant at Charanka in Gujarat.

Moreover, NIIF offered Rs 3,500 crore in enterprise along with an equity value of Rs 1,180 crore for assets.

It would be the first major acquisition by NIIF in the renewable energy space in case the deal materialises. Additionally, NIIT is an existing investor in CDC-owned Ayana Renewable Energy as well as Everstone Capital’s Eversource.

The other funding groups for the bidding process were the Canada Pension Plan Investment Board (CPPIB), Actis as well as Edelweiss Infrastructure.

Mahindra Susten has built and sold solar power projects with a portfolio of 1.5GW. The business has been identified as non-core for Mahindra Group’s portfolio and has been divesting its assets. It has also mandated Rothschild, an investment bank to assist in finding potential suitors. Mahindra had announced the sale of three solar projects to CLP India at the cost of Rs 340 crore, in February.

In the infrastructural space of India, renewable energy projects, as well as operating toll roads as a sector, have matured significantly concerning the returns and stable government policies.

In the last three years, since April 2017, India has attracted investments worth Rs 1.32 lakh crore in the renewable energy segment. He further added that there is growth in the segment hence long-term investors and global developers are seeking to build their portfolios. In India, investors are offered a return on equity of 12-15% in the renewable segment, which is greater than most global capitals.

Also read:Equity infusion worth Rs 6,000 crore into NIIF on cards

Image Source

The National Investment and Infrastructure Fund (NIIF) has been leading the bids to acquire Mahindra Susten’s assets of about 617 MW, after outbidding global private equity Brookfield Asset Management and KKR, as reported by sources. Mahindra Susten is a solar energy EPC platform owned by the Mahindra Group. The operational assets that are sold include a 337.5 MW Solar park based in Rewa, Madhya Pradesh as well as an 84.5 MW plant at Charanka in Gujarat. Moreover, NIIF offered Rs 3,500 crore in enterprise along with an equity value of Rs 1,180 crore for assets. It would be the first major acquisition by NIIF in the renewable energy space in case the deal materialises. Additionally, NIIT is an existing investor in CDC-owned Ayana Renewable Energy as well as Everstone Capital’s Eversource. The other funding groups for the bidding process were the Canada Pension Plan Investment Board (CPPIB), Actis as well as Edelweiss Infrastructure. Mahindra Susten has built and sold solar power projects with a portfolio of 1.5GW. The business has been identified as non-core for Mahindra Group’s portfolio and has been divesting its assets. It has also mandated Rothschild, an investment bank to assist in finding potential suitors. Mahindra had announced the sale of three solar projects to CLP India at the cost of Rs 340 crore, in February. In the infrastructural space of India, renewable energy projects, as well as operating toll roads as a sector, have matured significantly concerning the returns and stable government policies. In the last three years, since April 2017, India has attracted investments worth Rs 1.32 lakh crore in the renewable energy segment. He further added that there is growth in the segment hence long-term investors and global developers are seeking to build their portfolios. In India, investors are offered a return on equity of 12-15% in the renewable segment, which is greater than most global capitals. Also read:Equity infusion worth Rs 6,000 crore into NIIF on cards Image Source

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..