Published On:April 16 2024
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Mahindra Group Commits ₹1,200 Crore Towards Renewable Energy Project Development

Mahindra Group Commits ₹1,200 Crore Towards Renewable Energy Project Development

Mahindra Group has revealed plans to embark on the development of a 150-MW hybrid renewable energy (RE) project, integrating both solar and wind power. The venture, valued at approximately ₹1,200 crore, will be spearheaded by Mahindra Susten, a division of Mahindra Group. Notably, the project will see the Ontario Teachers’ Pension Plan Board, a prominent global investor, stepping in as a strategic partner.

The initiative will comprise a 101-MW wind capacity and a 52-MW solar capacity, with projections estimating an annual generation of 460 million kWh of energy. This substantial output is anticipated to lead to a significant abatement of 420,000 tonnes of CO2 emissions.

This endeavor marks Mahindra Susten's entry into the hybrid RE segment and is poised to become one of Maharashtra's largest co-located solar and wind hybrid projects. Its primary aim is to provide clean energy to Commercial and Industrial (C&I) customers. With a commissioning timeline set within the next two years, the project will heavily incorporate locally-manufactured components, accounting for over 80% of its composition.

In a strategic move, Mahindra is set to acquire a 26% stake in Gelos Solren Private Ltd, a wholly-owned subsidiary of Mahindra Susten Private Ltd, dedicated to renewable energy generation and distribution through the group captive power procurement model. The acquisition, valued at ₹40.08 crore, underscores Mahindra's commitment to bolstering its green portfolio.

Anish Shah, CEO and MD of Mahindra Group, emphasized the project's significance in aligning with global and national priorities concerning energy transition and climate change. He sees it as a pivotal milestone in the group's ongoing efforts to invest in and expand its sustainable portfolio.

Deepak Thakur, CEO and MD of Mahindra Susten, highlighted the project's potential in showcasing the efficacy of hybrid RE solutions in facilitating companies' transition towards sustainable operations.

The Automotive & Farm sectors of M&M Ltd. have also secured capacities within the project, totaling 41.20 MW of wind and 25.90 MW of solar, which are expected to generate 197 million kWh of energy annually and abate approximately 184,000 tonnes of CO2 emissions.

The project is poised to significantly elevate M&M's RE share from 34% in FY23 to 60% in FY26, as per projections.

Veejay Nakra, President of the Automotive Division at M&M, stressed the project's dual benefits of enhancing operational efficiency while aligning with the company's strategic shift towards a greener portfolio, especially with the imminent launch of multiple EVs. He sees the project as a testament to integrating sustainability into core business strategies, ensuring both economic and environmental dividends.

HBL





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