Mahindra Susten and Mitsui Partners to Co-Develop Solar Plants in India

Mahindra Susten has announced arriving into a partnership with Japan-based Mitsui & Co to mutually develop and operate solar power generation projects in India.

Mahindra Group firm will endure to hold 51 percent stake in Marvel Solren Private Ltd, with Mitsui holding the balance equity, said a statement.

Mahindra Susten CEO Basant Jain said, “This collaboration between two leading groups will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India’s ambitious renewable energy targets.”

Marvel currently operates four distributed solar projects in India with a combined capacity of 16 MW that helps private clients reduce their carbon footprint, it added.

Mitsui’s Infrastructure Projects Business Chief Operating Officer Kazumasa Nakai said, “We are delighted to partner with Mahindra Susten and contribute to India’s shift to a low-carbon society. Utilizing Mitsui’s global network, together we aim to expand the business to 150MW by 2023.”

Marvel will be engaged in the development of multiple grids connected and distributed projects. ”These projects will help the customers to reduce their carbon footprints and move towards green renewable energy,” the joint statement stated.