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Mahindra Group enters hybrid renewable energy sector with Rs 1,200 cr investment

Mahindra Group enters hybrid renewable energy sector with Rs 1,200 cr investment

| @indiablooms | 16 Apr 2024, 09:55 pm

Mumbai: The Mahindra Group announced its entry into the hybrid renewable energy sector with a Rs 1,200 investment in a solar and wind project, a stock exchange filing said on Monday.

Mahindra Susten, its renewable energy arm, will lead the project in collaboration with the Ontario Teachers' Pension Plan Board as a strategic partner.

As part of this initiative, the group plans to establish approximately 101 MW of wind capacity and about 52 MW of solar capacity.

This project aims to become one of Maharashtra's largest co-located solar + wind hybrid ventures, providing clean energy to Commercial and Industrial (C&I) clients.

The company anticipates commissioning the plant within the coming years, using 80 percent locally manufactured components in its construction.

"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," said Anish Shah, CEO & MD, Mahindra Group.

As a result of this initiative, M&M's proportion of renewable energy is projected to exceed 60 percent in FY26, up from 34 percent in FY23.

The unit is forecasted to produce approximately 460 million kWh of energy, resulting in an expected reduction of around 420,000 tonnes of CO2 emissions.

"We are indeed pleased to 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," said Deepak Thakur, CEO & MD, Mahindra Susten.

Mukesh Ambani and Gautam Adani, presently the wealthiest businessmen in India, are making major investments in the renewable energy sector.

Companies led by Ambani and Adani have already achieved numerous milestones in the renewable energy domain.

Now, with another major group entering the sector, there is a significant push for green energy in the country.

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