Mahindra Susten, the renewable energy arm of the Mahindra Group, plans to invest Rs 21,000 crore over the next five years to develop a renewable energy (RE) asset portfolio of nearly 5.5 GW. The company, with its partner Ontario Teachers' Pension Plan, has committed equity to build peak capacity in the next four to five years.
These renewable energy assets will constitute storage projects and round-the-clock (RTC) power projects. In January, 2024 Mahindra Group and Ontario Teachers co-sponsored an infrastructure investment trust (InvIT) holding assets in the RE space. Sustainable Energy Infra Trust (SEIT) has raised primary capital of Rs 1,365 crore as part of the initial offer of units and will help facilitate the growth capital to Rs 21,000 crore.
Last month, the company entered the hybrid RE segment with a plan to set up a Rs 1,200 crore, 150 MW solar wind energy project in Maharashtra. The project includes the installation of 101 MW wind and 52 MW solar capacity. The facility is expected to generate 460 million kWh of clean energy, with the potential to offset 420,000 tonne of carbon dioxide emissions.
The EPC (engineering, procurement, construction) company which builds solar projects for other developers, has built about 1,540 megawatts peak (MWp) of projects.
