Mahindra &Mahindra (M&M) Susten and Mitsui to Co-invest in Distributed Solar Power Projects in India
Mahindra Susten, a leading player in the Indian solar energy sector, has entered into a partnership with Mitsui & Co., Ltd of Japan to jointly develop and operate distributed solar power generation projects in India. Mahindra Susten will continue to hold 51% stake in Marvel Solren Private Limited (“Marvel”), with Mitsui holding the balance equity.
Marvel currently operates four distributed solar projects in India with a combined capacity of 16MW that help private clients reduce their carbon footprint by providing renewable energy through long-term power purchase agreements of 10-25 years.
Compared to power generated through an average Indian coal-fired power plant, the four projects can collectively reduce CO2 emissions by about 20,000 tons per year and will contribute to the Indian government’s renewable energy targets.
Basant Jain, Chief Executive Officer of Mahindra Susten said: “We are excited to partner with Mitsui on our path to becoming the most admired brand in sustainable infrastructure and renewable energy. This collaboration between two leading groups will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India’s ambitious renewable energy targets.”
Kazumasa Nakai, Chief Operating Officer of Mitsui’s Infrastructure Projects Business said: “We are delighted to partner with Mahindra Susten and contribute to India’s shift to a low-carbon society. Utilizing Mitsui’s global network, together we aim to expand the business to 150MW by 2023.”
Marvel will be engaged in development of multiple grid connected and distributed projects. These projects will help the customers to reduce their carbon footprints and move towards green renewable energy.
Mahindra Susten is a leading player in the Indian solar energy sector, with 3.2 GWp of total portfolio, 1.5 GWp executed to date and over 1.7 GWp under execution, Mahindra Susten’s services spans across turnkey solar EPC services, including both utility scale solar and rooftop solar. It also provides solar DG hybrid solutions, solar PV O&M and Analytics and energy management services.