Mahindra Group, a conglomerate spanning tech to tractors, has announced plans to invest 12 billion rupees (approximately $144 million) in setting up solar and wind energy projects with a hybrid capacity of 150 megawatts (MW) in India.
The renewable energy projects will be developed by Mahindra Susten, the group's renewable energy arm, in partnership with the Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds.
In addition to the renewable energy projects, Mahindra & Mahindra, a subsidiary of the Mahindra Group, will acquire a 26% stake in Gelos Solren, its solar power generating unit, for $4.8 million. This acquisition brings the total investment in the renewable energy sector by the Mahindra Group to nearly $150 million.
India, the world's third-largest greenhouse gas emitter, has set ambitious targets to increase its non-fossil fuel energy capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030. The country aims to achieve this goal after falling short of its target to install 175 GW of renewable energy capacity by 2022.
The Mahindra Group has committed to transitioning to 100% renewable energy by 2030. Wind power currently accounts for nearly two-thirds of Mahindra & Mahindra's power requirements, according to its 2022-23 annual report.
The investment by the Mahindra Group reflects its commitment to sustainability and renewable energy, aligning with India's broader efforts to reduce greenhouse gas emissions and increase renewable energy capacity.
