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Mahindra to Develop 150 MW Hybrid RE Project Worth INR 1,200 Crore

The installation will include 101 MW wind capacity and 52 MW solar capacity and is expected to generate 460 million kWh of energy leading to expected abatement of 420,000 tonnes of CO2 emissions.

April 16, 2024. By News Bureau

Mahindra Group has been committed to operating ‘Planet Positive’ businesses and is one of the earliest companies in India to commit to adopting 100% renewable energy by 2030, across its various businesses. In pursuit of this ambition, the Group announce that it will develop a ˜150 MW hybrid RE (solar + wind) project at a total project cost of about INR 1,200 crore.

The project will be developed by Mahindra Susten, part of Mahindra Group, with marquee global investor Ontario Teachers’ Pension Plan Board as a strategic partner. The installation will include 101 MW wind capacity and ˜52 MW solar capacity and is expected to generate 460 million kWh of energy leading to expected abatement of 420,000 tonnes of CO2 emissions.

The project also marks Mahindra Susten’s foray into the ‘hybrid RE’ segment and 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. The project will be commissioned within the next two years and will integrate more than 80% locally manufactured components, to demonstrate the company’s commitment to the vision of ‘Aatmanirbhar Bharat’ by creating a robust domestic value chain.

Speaking about the project, 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."

Deepak Thakur, CEO & MD, Mahindra Susten, added, "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."

The Auto & Farm businesses of M&M has contracted capacity of 41.20MW of wind and 25.90 MW of solar within this project which will annually generate 197 million kWh of energy and is expected to abate ˜184,000 tonnes of CO2 emissions. The project is expected to increase the RE share of M&M from 34% in FY23 to ˜60% in FY26.

Veejay Nakra, President, Automotive Division, M&M, said, “As the auto business invests to increase capacity and shifts towards a greener portfolio with the impending launch of multiple EVs, we want to ensure our operational emissions also come down. This project is a sustainability closely with business strategy."

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