Mahindra Susten Forays into Hybrid Renewable Energy Segment
#SolarWindEnergy #Hybrid #RenewableEnergy #CarbonNeutral"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."- Dr. Anish Shah, CEO and MD, Mahindra Group
April 2024 : Mahindra Group has announced that it will develop a 150 MW hybrid RE (solar + wind) project at a total project cost of about INR ₹1200 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 420000 tonnes of carbon dioxide 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 percent locally manufactured components, to demonstrate the company’s commitment to the vision of ‘Aatmanirbhar Bharat’ by creating a robust domestic value chain.
Dr. Anish Shah, CEO and 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 and 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 and Farm businesses of Mahindra & Mahindra (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 ˜84,000 tonnes of carbon dioxide emissions. The project is expected to increase the RE share of M&M from 34 percent in FY23 to 60 percent 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 clear win for both economic and environmental outcomes, and a step further in integrating sustainability closely with business strategy.”
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