Que: With DCR becoming increasingly important in renewable energy procurement, how is Mahindra Susten approaching the shift from imported to domestically manufactured modules?

Ans: The transition to domestically manufactured modules is not something we view as a challenge. In fact, it is a natural and welcome evolution of the Indian renewable energy sector. At Mahindra Susten, we have already aligned our procurement strategy with the Domestic Content Requirement (DCR) framework and are actively supporting the growth of India's manufacturing ecosystem.

From a national perspective, building a strong domestic supply chain is critical. It enhances energy security, reduces dependence on imports, creates local employment, and strengthens India's position across the renewable energy value chain. We are encouraged by the significant manufacturing capacity that is being added across the country, which is steadily improving both availability and capability.

While domestically manufactured modules may currently carry a modest cost premium, the impact on overall project competitiveness is increasingly limited. The rapid scale-up of manufacturing, combined with continuous improvements in technology and efficiency, is helping narrow that gap.

More importantly, the fundamental economics of renewable energy remain exceptionally strong. Solar power continues to be among the most cost-effective sources of electricity, and even when coupled with storage, we are now seeing solutions that are highly competitive with conventional thermal generation. That is a powerful indicator of how far the sector has progressed and why we remain very optimistic about its future.

Que: Are you also evaluating battery storage for the Swaraj project?

Ans: Yes, battery storage is an area we are closely evaluating. We believe storage will play a pivotal role in unlocking the full value of renewable energy by enabling greater flexibility, reliability, and round-the-clock clean power.

The timing and scale of deployment will depend on actual energy consumption patterns and regulatory clarity. As the economics of storage continue to improve and policy support strengthens, we see significant potential for integrating storage solutions into projects such as Swaraj to maximise renewable energy utilisation and long-term sustainability.

Que: What role do AI and predictive analytics play in improving the performance and reliability of renewable energy assets?

Ans: AI and predictive analytics are rapidly becoming foundational to renewable energy operations. In a sector where every unit of generation matters, the ability to predict failures before they occur can significantly improve asset availability, reliability, and financial performance.

At Mahindra Susten, we leverage advanced analytics to monitor asset health, identify potential issues early, and enable proactive maintenance. This helps maximise energy generation and minimise avoidable downtime.

More broadly, AI is transforming renewable energy from a hardware-driven industry into a data-driven one. The companies that can best use data to optimise performance, improve forecasting, and enhance decision-making will have a clear competitive advantage in the years ahead.

Que: You have also emphasised safety. How do you build a strong safety culture across such a geographically distributed portfolio?

Ans: Safety is one of the most important measures of an organisation’s culture. It is not a function that can be delegated or treated as a compliance requirement; it has to be led from the top and embedded into every aspect of the business.

Given the nature of renewable energy operations, particularly around high-voltage equipment and large-scale infrastructure, safety is non-negotiable. At Mahindra Susten, we have a simple principle: no target, deadline, or commercial consideration is ever more important than the safety of our people. Every employee and contractor is empowered to stop work if they identify an unsafe act or condition, and they are expected to do so without hesitation.

Building a strong safety culture across a geographically distributed portfolio requires consistency in leadership, training, and accountability. We invest heavily in creating awareness, reinforcing safe behaviours, and ensuring that the same standards are applied across all our sites and offices.

Ultimately, safety is personal. Every individual who works with us has a family waiting for them at home, and we see it as our responsibility to ensure that everyone returns safely at the end of each day. That belief is at the heart of our safety culture and shapes how we operate across the organisation.

Que: Some cities globally have demonstrated the ability to operate on renewable power for extended periods. Could a city such as Mumbai eventually run entirely on renewable energy?

Ans: The idea of cities running predominantly on renewable energy is no longer theoretical. We have already seen important proof points in India, including Modhera in Gujarat, where solar energy and battery storage have been successfully integrated to create a highly sustainable energy ecosystem. Mahindra Susten is proud to have contributed to that journey across construction and operations of this asset.

However, a city like Mumbai operates at a completely different scale. It has one of the highest concentrations of population, economic activity, and electricity demand in the country, and therefore requires reliable power 24 hours a day. Meeting that demand entirely through renewable energy would require not only large-scale solar and wind generation, but also substantial investments in energy storage, grid infrastructure, and intelligent energy management systems.

The encouraging news is that all the key building blocks are advancing rapidly. Renewable energy costs continue to decline, storage technologies are becoming more affordable, and grids are becoming smarter and more flexible. As these trends continue, the share of renewable energy powering large cities will steadily increase.

In my view, the question is not whether cities like Mumbai can be powered largely by renewable energy, but how quickly we can build the infrastructure and storage capabilities needed to make that vision a reality. The transition will be gradual, but the direction is clear.

Que: Advanced economies are moving away from thermal power. Can India follow the same path?

Ans: India's energy transition will inevitably look different from that of many advanced economies because our priorities are different. We are not only decarbonising our power sector; we are also supporting one of the fastest-growing economies in the world, expanding industrial capacity, and meeting the aspirations of a growing population.

Renewable energy will undoubtedly be the cornerstone of India's future power system. Today, it is often the most competitive source of new power generation, and we expect it to continue driving the majority of capacity additions. However, the transition cannot be viewed solely through the lens of replacing thermal power. It must also account for energy security, grid stability, and the need for reliable 24x7 electricity.

For the foreseeable future, India will require a balanced energy mix. Thermal, hydro and nuclear power will continue to play an important role in providing firm and dispatchable power, while storage technologies such as batteries and pumped hydro will progressively enable higher levels of renewable integration.

The encouraging reality is that this is not an either-or choice. As storage technologies mature and costs decline, the share of renewable energy in India's electricity mix will continue to rise. The long-term direction is clear: cleaner energy, lower emissions, and greater reliance on renewables. The challenge is ensuring that the transition is achieved in a manner that remains reliable, affordable, and supportive of economic growth.

Que: Has Mahindra already begun evaluating opportunities in nuclear?

Ans: Renewable energy and energy storage continue to offer a tremendous runway for growth, and our focus remains firmly on scaling these businesses and creating long-term value for our stakeholders. At Mahindra Susten, we believe in building depth before expanding breadth. While we closely monitor developments across the broader energy landscape, including nuclear power, our approach is guided by strategic discipline and a clear right to win. We nonetheless keep a very close watch on emerging opportunities, while remaining firmly focused on our core priorities and our Group's philosophy of thinking big, doing less, and executing flawlessly. Any future diversification would therefore need to be a natural extension of our existing capabilities and strengths, creating sustainable value for our stakeholders.

Que: Looking ahead over the next five to ten years, where do you see the biggest opportunities for Mahindra Susten, particularly from a technology and innovation perspective?

Ans: Over the next decade, we see significant opportunities at the intersection of renewable energy, energy storage and digital innovation. Technology will be a key enabler of productivity, better decision-making and enhanced customer value across the energy value chain.

We are particularly excited about the potential of AI, advanced analytics and automation, but our approach is pragmatic and disciplined. We believe technology should be adopted where it creates measurable business value and delivers better outcomes for customers.

While we keep a close watch on emerging technologies and innovation opportunities, our focus remains firmly on scaling our core businesses and executing with excellence. Ultimately, the companies that combine operational leadership with intelligent use of technology will be best placed to lead the energy transition, and that is where we see Mahindra Susten's greatest opportunity

Que: TOPCon has become one of the dominant solar technologies. Are you evaluating technologies such as HJT, thin film or other alternatives?

Ans: Solar technology continues to evolve rapidly, and we remain technology-agnostic in our approach. While TOPCon has delivered strong performance and is currently the dominant technology, we continue to evaluate emerging alternatives, including HJT, next gen. thin-film and other emerging solutions.

Our philosophy is that technology adoption should be guided by long-term performance and value creation, not just laboratory efficiencies. To support this, we test a range of solar modules, battery cells and other technologies at our in-house laboratory under harsh desert operating conditions before considering deployment at scale. This gives us valuable insights into how technologies perform in real-world environments over time.

We take a measured approach to innovation, preferring to establish proof of performance before large-scale adoption. It may appear conservative, but we believe this discipline is one of the most effective ways to create sustainable value for our customers and stakeholders over the long term.

Que: Battery storage systems are becoming increasingly compact. How much further can containerised storage evolve?

Ans: Battery storage systems are becoming significantly more energy-dense with each generation. Just a few years ago, containerised solutions typically offered around 3 MWh of storage; today, 5 to 6 MWh systems in a standard 20-foot footprint are becoming increasingly common, and the industry is already pushing the boundaries of what can be accommodated within the same form factor.

Higher energy density is important because it can lower balance-of-plant costs, reduce land requirements and improve overall project economics. However, the future of containerised storage will not be determined solely by battery chemistry. As systems become larger and denser, practical considerations such as transportation, site logistics, safety and maintainability become equally important.

We have seen a similar trend in the wind industry, where larger equipment at several sites can improve economics but also introduces logistical challenges. The battery sector is likely to follow a comparable path, with innovation focused not only on increasing energy density but also on ensuring that these systems can be efficiently manufactured, transported, installed and operated.

Ultimately, I believe the next phase of evolution will be driven by a combination of better battery technologies, higher levels of system integration and stronger domestic manufacturing capabilities. The objective is not simply larger containers, but lower-cost, safer and more reliable energy storage solutions that can support the scale of the energy transition.

Que: How important is domestic manufacturing for scaling corporate renewable energy, particularly for companies looking to procure power through open-access projects?

Ans: Domestic manufacturing is an important component of India's renewable energy journey, strengthening supply chains, supporting energy security and creating long-term industrial capabilities. However, for corporate consumers procuring power through open-access projects, the key driver remains economics.

The renewable energy market has reached a stage where sustainability and competitiveness increasingly go hand in hand. Companies are not adopting renewable energy simply because it is green; they are doing so because it can provide reliable power at an attractive cost over the long term. When renewable energy can deliver both environmental and economic benefits, adoption becomes a far more compelling proposition.

A strong domestic manufacturing ecosystem can further enhance this value proposition by improving supply-chain resilience, reducing dependence on imports and supporting the scaling of the sector. Over time, the combination of competitive renewable power, energy storage and local manufacturing capabilities has the potential to accelerate corporate decarbonisation while strengthening India's broader energy ecosystem.

Que: Several renewable energy companies are expanding their independent power producer businesses. What makes the IPP model attractive, and where do you see the biggest opportunity?

Ans: I would be careful about commenting on the strategies of individual companies, as every business has its own objectives and priorities. More broadly, the attractiveness of the IPP model lies in its ability to create long-term value through high-quality assets that generate stable and predictable cash flows.

At Mahindra Susten, our focus has never been on adding megawatts for the sake of scale. The more important question is whether those assets create sustainable economic value over their lifecycle. We have always believed that environmental impact and shareholder returns must go hand in hand. A commercially successful renewable-energy business attracts more capital, which in turn accelerates the energy transition.

Looking ahead, the opportunity extends well beyond renewable generation alone. As grids evolve and customers seek greater reliability, we see significant potential in integrated renewable and storage platforms that can deliver firm, dispatchable green power. The ability to combine high-quality assets, disciplined execution and intelligent capital recycling will, in our view, be a key differentiator.

Ultimately, what makes the IPP model sustainable is not the size of the portfolio, but the ability to consistently create long-term value through disciplined investment and operational excellence.