Mahindra Group to Fund Hybrid Renewable Energy Project with ₹1,200 Crore

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Leading Indian conglomerate Mahindra Group recently announced that it intends to invest ₹1,200 crore to build a 150 MW hybrid solar and wind power project in Maharashtra.

This project represents a significant advancement for Mahindra Susten, a division of the Mahindra Group devoted to renewable energy solutions. Mahindra Susten will lead the project’s development, working as a strategic partner with the Ontario Teachers’ Pension Plan Board, a global investor. 

Principal aspects of the project

  • Hybrid Power Generation: The project will integrate 101 MW of wind and 52 MW of solar capacity to create a hybrid renewable energy source.
  • Clean Energy Generation: The project is anticipated to produce 460 million kWh of clean energy annually, which will help offset about 420,000 tons of CO2 emissions.
  • Focus on Local Manufacturing: The project will prefer to employ locally-made components, with more than 80% coming from domestic sources.
  • Project Schedule: It is anticipated that work will be finished in the following two years.


Supporting green growth and sustainability

In his remarks, Anish Shah, CEO and MD of Mahindra Group, discussed the project’s dual purposes, emphasising that it addresses climate change by producing clean energy and presents a workable business plan for green enterprises. He declared, “This project aligns with Mahindra Group’s overarching objective of using only renewable energy by 2030.”

Deepak Thakur, Mahindra Susten’s CEO and MD, acknowledged the company’s excitement about entering the hybrid renewable energy market.

According to him, this initiative shows how hybrid solutions may support companies in their shift to more environmentally friendly operations.

The Mahindra Group hopes to completely shift to renewable energy sources by 2030. This ambitious goal is a major step in reaching its long-term sustainability goals, and this 150 MW hybrid project is a major step in that direction.

India, the third-largest greenhouse gas emitter in the world today, is making concerted efforts to boost its energy capacity from non-fossil fuels. By 2030, the government wants to increase the capacity of renewable energy to 500 GW.

 

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