Mahindra Group’s clean-tech arm, Mahindra Susten, announced on Wednesday that its wholly-owned subsidiary, Martial Solren, has secured a term loan of ₹1,448 crore. The financing will support solar PV power projects being developed under long-term Power Purchase Agreements (PPAs) with key off-takers.
The term loan has been provided by HDFC Bank and Axis Bank to fund Mahindra Susten’s ambitious 560 MWp solar power projects in Gujarat and Rajasthan. According to a company statement, the projects are expected to contribute significantly to India’s renewable energy goals.
Key Highlights of the Project:
- The 560 MWp solar projects will generate approximately 9 lakh MWh of solar energy annually.
- This output is expected to offset around 8.19 lakh tonnes of CO2 equivalent emissions annually.
- The clean energy produced will power approximately 1.8 lakh households each year.
Management Comments:
- Deepak Thakur, Managing Director & CEO of Mahindra Susten, emphasized the importance of financial closure for the projects, calling it a critical milestone for the company’s renewable energy initiatives.
- Rakesh Singh, Group Head at HDFC Bank, highlighted the bank’s commitment to supporting businesses that drive climate-sensitive solutions.
- Rajiv Anand, Deputy Managing Director of Axis Bank, reiterated the institution’s dedication to advancing India’s renewable energy revolution.
This development aligns with Mahindra Susten’s mission to foster sustainable energy solutions and underscores the Mahindra Group’s dedication to India’s renewable energy targets. The projects also reflect a significant step in addressing climate change while contributing to India’s clean energy infrastructure.
