India’s Mahindra to develop 150-MW solar and wind project

India’s Mahindra Group said today it will develop a 150-MW solar and wind hybrid renewable energy project in line with its commitment to achieving 100% renewable energy across its businesses by 2030.

The project, worth INR 12 billion (USD 144m/EUR 135m), will be developed by the group’s renewable energy platform Mahindra Susten, in which Ontario Teachers’ Pension Plan Board took a 30% stake in 2022. It marks Mahindra Susten’s entry into the hybrid renewable energy segment.

The system will consist of 101 MW of wind capacity and 52 MW of solar capacity, with part of its output to be supplied to the auto and farm businesses of automotive producer Mahindra & Mahindra (NSE:M&M). They have contracted 41.20 MW and 25.90 MW of the project's wind and solar capacity, respectively. The power plant is scheduled for commissioning within the next two years and is set to integrate more than 80% locally manufactured components.

According to the announcement, the project will be one of the largest co-located solar plus wind hybrid projects in Maharashtra to provide energy to commercial and industrial (C&I) customers.

(INR 1 = USD 0.012/EUR 0.011)

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