Mahindra Susten, the clean energy division of Mahindra Group, announced a significant investment plan of ₹21,000 crore over the next five years to establish a renewable energy (RE) portfolio totalling approximately 5.5 GW. The company is partnering with Ontario Teachers’ Pension Plan, and both have pledged equity to achieve peak capacity within four to five years.
The investment will focus on developing renewable energy projects that include storage and round-the-clock (RTC) power facilities. In January 2024, Mahindra Group and Ontario Teachers initiated an infrastructure investment trust (InvIT) named Sustainable Energy Infra Trust (SEIT), which specializes in renewable energy assets. SEIT successfully secured ₹1,365 crore in primary capital through its initial unit offering to support this expansive growth plan.
In April, Mahindra Susten ventured into the hybrid renewable energy market with a new project in Maharashtra. The initiative, valued at ₹1,200 crore, will develop a 150 MW solar and wind energy project comprising 101 MW of wind and 52 MW of solar capacity. The project is poised to produce 460 million kWh of renewable energy annually, potentially reducing carbon dioxide emissions by 420,000 tonnes.
As reported by Projects Today, Mahindra Susten also operates as an EPC (engineering, procurement, construction) firm, having constructed solar projects with a total capacity of approximately 1,540 megawatts peak (MWp) for various developers.
