The hybrid project will be developed by Mahindra Susten, which is part of the group, and will have global investor Ontario Teachers’ Pension Plan Board as a strategic partner.
Mahindra Group to set up 150 MW solar and wind hybrid project
Mahindra Group announced on Monday that it will invest Rs 1,200 crore for renewable energy in the country and develop a 150 MW hybrid RE project – solar + wind. It said it is committed to operating ‘Planet Positive’ businesses, and was one of the first companies to adopt 100 per cent renewable energy by 2030 across various businesses.
The hybrid project will be developed by Mahindra Susten, which is part of the group and a key player in the renewable Independent Power Producer (IPP) space. The project will have global investor Ontario Teachers’ Pension Plan Board as a strategic partner.
Shares of Mahindra & Mahindra Ltd (M&M) were trading 0.90 per cent lower at Rs 2,051.50 in fag-end deals. Turnover on the counter was at Rs 7.17 crore, commanding a market capitalisation (m-cap) of Rs 2,55,085.07 crore.
According to the exchange filing by the company, the installation will include 101 MW wind capacity and 52 MW solar capacity. It is expected to generate 460 million kWh of energy, which the company expects would abate 420,000 tonnes of CO2 emissions.
This project would also be Mahindra Susten’s foray into ‘hybrid RE’ space. The project would be one of the largest co-located solar + wind hybrid projects in Maharashtra. It will deliver clean energy to Commercial and Industrial (C&I) customers.
The hybrid project will be commissioned within the next two years, and will integrate more than 80 per cent locally manufactured components, and create a robust domestic value chain.
Dr. 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. It also demonstrates a clear economically accretive business case and Group synergy. The project marks a key milestone in Mahindra Group’s continued investments in building and scaling its green portfolio.”
Mahindra’s Auto & Farm sectors have signed contracts within this project for capacity of 41.20 MW wind and 25.90 MW solar. The project is projected to generate 197 million kWh of energy annually and reduce CO2 emissions by 184,000 tonnes. This initiative is anticipated to raise M&M’s Renewable Energy (RE) share from 34 per cent in FY23 to 60 per cent in FY26.
Veejay Nakra, President, Automotive Division, M&M, calling this project a win-win for sustainability and business strategy, said that as the auto business invests to increase capacity and shifts towards a greener portfolio with multiple EVs, they want to ensure that their emissions come down too.
