Mahindra Adds New Subsidiary Velos Hybren To Expand RE Portfolio

Mahindra Adds New Subsidiary Velos Hybren To Expand RE Portfolio

Mahindra Susten (MSPL) recently incorporated Velos Hybren Private Limited (Velos Hybren) as its step-down subsidiary to spur renewable energy growth. Velos Hybren has been established to produce and sell power, generate electricity, act as an Independent Power Producer (IPP), and facilitate distributed energy solutions, including rooftop solar installations for commercial, industrial, institutional, and residential segments. This is aimed to be done through various renewable energy sources and energy storage systems.

The authorized share capital of Velos Hybren is Rs. 15,00,000, comprising 1,50,000 equity shares of Rs. 10/- per share.

Mahindra Susten Expands RE Portfolio

Mahindra Susten has global investor Ontario Teachers’ Pension Plan Board as its strategic partner. The installation is expected to include 101 MW wind capacity and 52 MW solar capacity. It is also expected to generate 460 million kWh of energy leading to the expected abatement of ˜420,000 tones of CO2 emissions.

NHPC 1.2 GW Solar Bid Garners A Tariff Of Rs 2.56/unit

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Mahindra Susten has expanded its renewable energy portfolio this year. It announced a plan to develop a 150 MW hybrid RE (solar + wind) project at a total project cost of about Rs 1,200 crore. It would be developed by using a 300 MW solar project from NHPC. Other winners for this project were Onward Solar, Rays Power Infra Limited, Essar Renewables,  and Avaada Group.

The allocated capacities are as follows: Onward Solar was allocated 50 MW at Rs. 2.56 per unit, while Jevargi Solar (Rays Infra) was awarded 200 MW at the same tariff rate of Rs. 2.56. Essar Renewables and Mahindra Susten were allocated 300 MW each, with tariff rates of Rs. 2.56 and Rs. 2.57 respectively. Finally, Avaada Group was allocated 350 MW at a tariff rate of Rs. 2.57.

Mahindra Susten Enters Hybrid RE Segment With 150MW Projects

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