In an exhilarating development for the renewable energy landscape, Mahindra Susten Private Limited (“Mahindra Susten”), a leading Independent Power Producer (IPP), is proud to announce successful acquisition of a landmark project, awarded through competitive bidding process followed by e-reverse auction conducted by SJVN Limited (“SJVN”), a Renewable Energy Implementing Agency (REIA) of Government of India.
This accomplishment not only highlights Mahindra Susten’s relentless pursuit of excellence but also its robust commitment to fostering sustainable energy solutions.
Tender / Tranche : SJVN 1500 MW Solar
Project Capacity Won by Susten : 300 MW
Tariff Quoted : 2.53
Off taker : SJVN Limited
As a testament to this groundbreaking project, SJVN is set to formalize a 25-year Power Purchase Agreement with Furies Solren, a Special Purpose Vehicle (SPV) of Mahindra Susten, with completion timeline of 24 months. This project is poised to significantly bolster our renewable energy portfolio, illustrating our dedication to delivering sustainable energy solutions with precision and efficiency.
At Mahindra Susten, our journey towards a greener future is marked by developed portfolio with over 1.54 GWp of renewable Independent Power Producer (IPP) projects across the Indian. Our strategic involvement as a co-sponsor of the Sustainable Energy Infra Trust (SEIT), India’s largest renewable Infrastructure Investment Trust (InvIT), further underscores our commitment to pioneering sustainable energy infrastructures, showcased by its successful listing on January 15th, 2023.
The fiscal year 2024 heralds a significant era of strategic achievements for Mahindra Susten, marking the acquisition of our fourth reverse auction renewable project win. This victory not only enhances our aggregated under development capacity to over 1.3 GWp but also solidifies our position as a key contributor to India’s decarbonization efforts.
Deepak Thakur, MD & CEO of Mahindra Susten, said, “This is our fourth bid win this fiscal year, subsequent to our strategic alliance with Ontario Teachers’ Pension Plan in December 2022, signifies a pivotal moment in our journey. Our judicious selection in tender participation, achieving a win rate of over 40%, exemplifies our strategic acumen in navigating the competitive landscape. Our unwavering dedication to growing our renewable portfolio by 5x in the coming years is stronger than ever. With a special focus on solar, hybrid, and integrated energy storage projects, we look forward to announcing further growth in the coming days”
About Mahindra Susten
As the renewable energy arm of the Mahindra Group, Mahindra Susten is recognised as a leading IPP with core focus on innovation and sustainability in the renewable energy sector. Our comprehensive portfolio spans an impressive Engineering, Procurement, and Construction (EPC) experience, with over 4 GWp capacity constructed, alongside a flourishing independent power producer business boasting in excess of 1.5 GWp of developed solar plants, complemented by over 1.3 GWp in the developmental pipeline across India’s diverse states. Our strategic vision encompasses a formidable pipeline of renewable projects, aimed at revolutionizing the energy landscape.
