Mahindra Group to invest nearly Rs 1,200 cr in renewable energy projects

Mahindra Susten on Monday said it will foray into the hybrid renewable energy segment by setting up a Rs 1,200-crore 150-megawatt solar wind energy project in Maharashtra.

The project includes installation of a 101 megawatt (MW) wind and 52 MW solar capacity, Mahindra Group said in a statement. The facility is expected to generate 460 million kilowatt-hour (kWh) of clean energy, offsetting 420,000 tonne of Co2 emissions.

Mahindra Group will develop a 150 MW hybrid RE (Renewable Energy solar + wind) project at a total project cost of about Rs 1,200 crore, said Mahindra Susten, a part of Mahindra Group and a leader in renewable Independent Power Producer (IPP) business.

The project also marks Mahindra Susten's foray into the 'hybrid RE' segment and will be one of the largest co-located solar + wind hybrid projects in Maharashtra to deliver clean energy to commercial and Industrial (C&I) customers, the statement said.

The company aims to commission the project within the next two years. It will have more than 80 per cent locally manufactured components, the company said.

Anish Shah, CEO & MD, Mahindra Group, said, "Energy transition is a key global and national priority to address climate change. This project is a tangible example of our commitment to sustainability, as a consumer of green power, and building 'Planet Positive' businesses, as the developer of the project."

Deepak Thakur, CEO & MD, Mahindra Susten, added, "We announce our foray into the hybrid RE space and deliver clean, green power at competitive rates to large C&I consumers. This project will showcase the immense potential of hybrid RE solutions in helping companies transition towards green operations.