Mahindra Susten to develop 150 MW hybrid renewable energy project at a cost of ₹1,200 crore

Mahindra Susten, the renewable energy platform of Mahindra Group, is set to develop a 150 megawatt (MW) hybrid renewable energy (solar + wind) project at a total project cost of about ₹1,200 crore, the company said in an exchange filing.

The project will be developed with marquee global investor Ontario Teachers’ Pension Plan Board as a strategic partner. The installation will include about 101 MW wind capacity and nearly 52 MW solar capacity and is expected to generate close to 460 million kWh of energy leading to expected abatement of approximately 420,000 tonnes of carbon-dioxide emissions.

The project will be commissioned within the next two years and will integrate more than 80% locally manufactured components. It also marks Mahindra Susten’s foray 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 (C&I) customers, it said.

The auto and farm businesses of M&M have contracted capacity of about 41.20 MW of wind and 25.90 MW of solar within this project which will annually generate nearly 197 million kWh of energy and is expected to abate about 184,000 tonnes of carbon-dioxide emissions. The project is expected to increase the RE share of M&M from 34% in FY23 to about 60% in FY26, the company said.

Earlier, M&M had announced that its overall auto sales for the month of March 2024 stood at 68,413 vehicles, a growth of 4%, including exports. In the utility vehicles segment, Mahindra sold 40,631 vehicles in the domestic market, registering a growth of 13% and overall, 41,161 vehicles, including exports. The domestic sales for commercial vehicles stood at 20,930, the company had said.

Shares of M&M have gained 22% since the beginning of the year. The stock has risen over 71% in the last one year.