Mahindra arm forays into hybrid renewables segment with a Rs 1,200 crore project
Mahindra Group will foray into the hybrid renewable energy segment with an investment of Rs 1,200 in a solar and wind project, the company said in a stock exchange filing on Monday.
Mahindra Susten, its renewable energy platform, will develop the project along with Ontario Teachers' Pension Plan Board as a strategic partner. As a part of this project, the group will install ˜101 MW wind capacity and ˜52 MW solar capacity.
The project 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, it said.
The company expects to commission the plant in the next years, built using 80 per cent locally manufactured components.
«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.
With this, M&M's share of renewable energy will go up to over 60 per cent in FY26, from 34 per cent in FY23, it said.
The unit is expected to generate around 460 million kWh of energy leading to expected abatement of around 4,20,000 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
