Mahindra Susten Makes a Push into Hybrid Renewables

15 Apr 2024 , 08:40 PM

With a ₹1,200 Crore investment in a solar and wind project, the Mahindra Group will enter the hybrid renewable energy market, the business announced in a stock exchange filing on Monday.

The project will be developed by Mahindra Susten, its platform for sustainable energy, in collaboration with the Ontario Teachers’ Pension Plan Board, a strategic partner. The group plans to install around 101 MW of wind and 52 MW of solar capacity as part of this project.

The project, which will supply sustainable energy to Commercial and Industrial (C&I) customers, would be among the biggest co-located solar + wind hybrid projects in Maharashtra, according to the statement.

With 80% of its components made domestically, the plant should be put into service within the next few years, according to the business.

“A major national and international goal in combating climate change is energy transformation. Anish Shah, CEO & MD, Mahindra Group, stated, “This project is a tangible example of our commitment to sustainability, as a consumer of green power, and building ‘Planet Positive’ businesses, as the project developer.”

It stated that as a result, M&M’s of renewable energy will increase from 34% in FY23 to above 60% in FY26.

An estimated 460 million kWh of energy will be produced by the unit, resulting in an estimated 4,20,000 tonnes of CO2 emissions reduction.

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