Mahindra Group to invest ₹1,200-cr to set up 150MW solar and wind hybrid project
Upstox
2 min read • Updated: April 15, 2024, 4:51 PM
Summary
Mahindra Group said that the project will be commissioned within the next 24 months and will integrate over 80% locally manufactured components, demonstrating the company's commitment to the vision of 'Aatmanirbhar Bharat'.
Mahindra Group on Monday announced that it has forayed into the hybrid renewable energy segment with a wind and solar project worth ₹1,200 crore. The company said it is committed to operating 'planet positive' businesses and adopting 100% renewable energy by 2030.
According to an exchange filing, Mahindra Susten, part of Mahindra Group, will develop the project in strategic partnership with marquee global investor Ontario Teachers' Pension Plan Board.
"The installation will include 101 MW wind capacity and 52 MW solar capacity and is expected to generate 460 million kilowatt-hour (kWh) of energy leading to expected abatement of 420,000 tonnes of CO2 emissions," the regulatory filing said.
The project marks Mahindra Susten's entry into the hybrid renewable energy segment and will be one of the largest co-located solar and wind hybrid projects in Maharashtra to deliver clean energy to commercial and industrial customers.
The company said that the project will be commissioned within the next 24 months and will integrate over 80% locally manufactured components, demonstrating Mahindra Group's commitment to the vision of 'Aatmanirbhar Bharat'.
Dr Anish Shah, Chief Executive Officer (CEO) and Managing Director (MD) of 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 auto and farm businesses of Mahindra & Mahindra have contracted a capacity of around 41MW of wind and 26MW of solar within this project, which will generate 197 million kWh of energy annually, which is expected to decrease 184,000 tonnes of CO2 emissions. The project would increase the renewable energy share of the automaker from 34% in FY23 to 60% in FY26.
Meanwhile, shares of Mahindra & Mahindra closed 0.9% lower at ₹2,052 on the NSE.