Mahindra Susten and Mitsui to Co-Develop Solar Plants in India

Mahindra Susten and Mitsui have announced plans to co-develop and operate solar power projects in India.

Mahindra Susten, the renewable energy arm of the Mahindra group, has announced entering into a partnership with Japan-based Mitsui & Co to jointly develop and operate solar power generation projects in India.

A player in the Indian solar energy sector, the Mahindra Group firm will continue to hold 51 percent stake in Marvel Solren Private Ltd, with Mitsui holding the balance equity, said a statement.

Mahindra Susten CEO Basant Jain said, “This collaboration between two leading groups will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India’s ambitious renewable energy targets.”

Marvel currently operates four distributed solar projects in India with a combined capacity of 16 MW that helps private clients reduce their carbon footprint, it added.

Mitsui’s Infrastructure Projects Business Chief Operating Officer Kazumasa Nakai said, “We are delighted to partner with Mahindra Susten and contribute to India’s shift to a low-carbon society. Utilizing Mitsui’s global network, together we aim to expand the business to 150MW by 2023.”

Marvel will be engaged in the development of multiple grids connected and distributed projects. ”These projects will help the customers to reduce their carbon footprints and move towards green renewable energy,” the joint statement stated.

In April, Mahindra Susten had initiated the formal process to sell a portion of its solar assets worth a combined 160 MW. The company’s renewable offerings include diversified services within the renewable energy and cleantech space, such as turnkey solar engineering, procurement, and construction (EPC) services, both utility-scale solar and rooftop solar products, solar car charging stations, telecom tower solarisation, operations and maintenance.

It is expected that the sale could fetch an enterprise valuation close to Rs 2,000 crore. The company which currently is following a build and sell model will look to invest the money raised from the sale of the assets to further develop its clean energy platform and pipeline.