Mahindra Susten forays into ‘Hybrid’ Renewable Energy (RE) segment with a ‘solar + wind’ project To invest Rs 1,200 crore to set up 150 MW hybrid capacity – EQ

• The project will include˜101MW wind capacity and˜52MW solar capacity.
• Commissioning and readiness of the project expected within next 2years
• M&M’s share of RE will group from 34% in FY23 to over 60% in FY26
• Project will help a bate˜420,000tonnesofCO2emissions.
• Mahindra Group has committed to adopting 100% REby2030.

Mumbai : Mahindra Group has been committed to operating ‘Planet Positive’ businesses and is one of the earliest companies in India to commit to adopting 100% renewable energy by 2030, across its various businesses. In pursuit of this ambition, the Group is pleased to announce that it will develop a ˜150 MW hybrid RE (solar + wind) project at a total project cost of about Rs 1,200 crore.

The project will be developed by Mahindra Susten, part of Mahindra Group and a leader in renewable Independent Power Producer (IPP) business, with marquee global investor Ontario Teachers’ Pension Plan Board as a strategic partner. The installation will include ˜101 MW wind capacity and ˜52 MW solar capacity and is expected to generate ˜460 million kWh of energy leading to expected abatement of ˜420,000 tonnes of CO2 emissions.

The project also marks Mahindra Susten’s foray into the ‘hybrid RE’ segment and will be one of the largest co-located solar + wind hybrid projects in Maharashtra to deliver clean energy to Commercial and Industrial (C&I) customers. The project will be commissioned within the next two years and will integrate more than 80% locally manufactured components, to demonstrate the company’s commitment to the vision of ‘Aatmanirbhar Bharat’ by creating a robust domestic value chain.

Speaking about the project, Dr. Anish Shah, CEO & MD, 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 project marks a key milestone in Mahindra Group’s continued investments in building and scaling its green portfolio.”

Deepak Thakur, CEO & MD, Mahindra Susten, added, “We are indeed pleased to announce our foray into the hybrid RE space and deliver clean, green power at competitive rates to large C&I consumers. This project will showcase the immense potential of hybrid RE solutions in helping companies transition towards green operations.”

The Auto & Farm businesses of M&M has contracted capacity of ˜41.20MW of wind and 25.90 MW of solar within this project which will annually generate ˜197 million kWh of energy and is expected to abate ˜184,000 tonnes of CO2 emissions. The project is expected to increase the RE share of M&M from 34% in FY23 to ˜60% in FY26.

Veejay Nakra, President, Automotive Division, M&M, said, “As the auto business invests to increase capacity and shifts towards a greener portfolio with the impending launch of multiple EVs, we want to ensure our operational emissions also come down. This project is a sustainability closely with business strategy.”