April 16, 2024: Mahindra Group, renowned for its commitment to sustainable practices under the "Planet Positive" initiative, is advancing its renewable energy agenda by announcing the development of a 150 MW hybrid renewable energy project valued at approximately USD143.5 million. Spearheaded by Mahindra Susten, a prominent player in the renewable Independent Power Producer (IPP) sector, the project will be executed in collaboration with Ontario Teachers’ Pension Plan Board, a leading global investor.

Comprising 101 MW wind capacity and 52 MW solar capacity, the installation is poised to generate an estimated 460 million kWh of energy, resulting in the abatement of approximately 420,000 tonnes of CO2 emissions. This project marks Mahindra Susten's entry into the hybrid renewable energy segment and stands as one of Maharashtra's largest co-located solar + wind hybrid projects, targeting Commercial and Industrial (C&I) customers.

Aligned with the vision of "Aatmanirbhar Bharat," the project will leverage over 80% locally manufactured components, reinforcing Mahindra Group's commitment to fostering a robust domestic value chain.

Dr. Anish Shah, CEO & MD of Mahindra Group, emphasized the project's significance in addressing climate change and fostering sustainability, underscoring its economically viable business proposition and synergy within the Group.

Deepak Thakur, CEO & MD of Mahindra Susten, hailed the project's role in delivering clean energy solutions to large C&I consumers, showcasing the potential of hybrid renewable energy solutions in facilitating green operational transitions.

Furthermore, Mahindra's Auto & Farm businesses have secured a capacity of approximately 41.20 MW of wind and 25.90 MW of solar within the project. This move is expected to bolster the renewable energy share of M&M from 34% in FY23 to around 60% in FY26, reflecting the Group's commitment to sustainability and business growth.

Veejay Nakra, President of M&M's Automotive Division, emphasized the project's dual benefits of economic viability and environmental sustainability, aligning closely with the company's strategic shift towards a greener portfolio and the imminent launch of multiple Electric Vehicles (EVs).