Mahindra Group Enters into Hybrid Renewables With Rs 1,200 Crore Project By CIOTechOutlook Team

Mahindra Group Enters into Hybrid Renewables With Rs 1,200 Crore Project

CIOTechOutlook Team | Monday, 15 April 2024, 09:15 IST

The Mahindra Group, an Indian multinational conglomerate will enter into the hybrid renewable energy sector with a funding of rs 1200 in a solar and wind project, the organization said in a stock exchange filing. Mahindra Susten, its sustainable power stage, will foster the task alongside Ontario Educators' Benefits Plan Board as an essential accomplice. On account of this project, the gathering will introduce ˜101 MW wind limit and ˜52 MW solar capacity.

The undertaking will be one of the biggest co-found solar and wind hybrid projects in Maharashtra to convey clean energy to Commercial and Industrial (C&I) users, it added. The organization hopes to commission the plant before very long, assembled utilizing 80% privately produced parts.

"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," said Anish Shah, CEO & MD, Mahindra Group.

With this, M&M's portion of renewable energy will go up to more than 60% in FY26, from 34% in FY23, it mentioned. The unit is supposed to create around 460 million kWh of energy prompting anticipated decrease of around 4,20,000 tons of CO2 outflows.

"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," said Deepak Thakur, CEO & MD, Mahindra Susten.