In a significant move towards bolstering India’s renewable energy landscape, the Mahindra Group, a renowned conglomerate spanning technology to tractors, has announced plans to invest approximately $144 million (12 billion rupees) in setting up solar and wind energy projects with a combined capacity of 150 megawatts (MW).
These projects will be spearheaded by Mahindra Susten, the group’s renewable energy arm, in collaboration with the Ontario Teachers’ Pension Plan Board, one of Canada’s largest pension funds, serving as its strategic partner.
Additionally, Mahindra & Mahindra (M&M) will acquire a 26% stake in its solar power generating unit, Gelos Solren, for $4.8 million, thereby augmenting the total investment to nearly $150 million.
India, the world’s third-largest emitter of greenhouse gases, has set ambitious targets to enhance its non-fossil fuel capacity, including solar and wind energy, aiming to achieve 500 gigawatts (GW) by 2030. Despite falling short of its earlier goal to install 175 GW of renewable energy capacity by 2022, the country remains committed to accelerating its transition towards cleaner energy sources.
Aligned with this vision, the Mahindra Group has pledged to transition to 100% renewable energy by 2030, reaffirming its commitment to sustainability and environmental stewardship.
According to the group’s 2022-23 annual report, wind power currently meets nearly two-thirds of Mahindra & Mahindra’s energy requirements, underscoring its ongoing efforts to leverage renewable sources for power generation.
With this substantial investment, the Mahindra Group aims to play a pivotal role in India’s renewable energy journey, contributing to the nation’s quest for energy security and environmental sustainability.
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