Mahindra Susten Secures 300 MW Solar Project From NTPC With Lowest Bid

Mahindra Susten Secures 300 MW Solar Project From NTPC With Lowest Bid

NTPC Limited has declared Mahindra Susten Private Limited one of the winners for its 1500 MW solar tender. Owing to the lowest bid it quoted in the tender, the renewable energy firm was given a share of 300 MW of solar projects. The company is an Independent Power Producer (IPP). 

This award comes after a competitive bidding process followed by an e-reverse auction on March 18 by NTPC Limited. The IPP firm quoted the lowest tariff of Rs 2.59/kWh. 

NTPC is set to formalize a 25-year Power Purchase Agreement (PPA) with Furies Solren Private Limited, a Special Purpose Vehicle (SPV) of Mahindra Susten. The SPV will complete the project within 24 months.

“This win marks Mahindra Susten’s fifth successful bid this fiscal year, bringing its aggregated under-development capacity to over 2 GWp. It solidifies the company’s position as a key contributor to India’s decarbonization efforts and underscores its dedication to its core

purpose of ‘Re-imagining clean energy & Empowering lives,'” the firm said in a media statement. 

Deepak Thakur, MD & CEO of Mahindra Susten, said, “In this fiscal year, Mahindra Susten has been able to deliver on its core purpose with several consistent strategic achievements. Our latest project wins not only underscores our commitment to powering ‘Atmanirbhar Bharat.’

with clean, sustainable energy, but it also marks another significant milestone in our growth journey. We are enthusiastic about the opportunity ahead as we expand our portfolio and

continue contributing to a sustainable future.”

About Mahindra Susten

Mahindra Susten is Mahindra Group’s renewable energy platform, which is recognized as an IPP. Its portfolio spans an Engineering, Procurement, and Construction (EPC) capacity of over 4 GWp, an independent power producer (IPP) business with around >1.54 GWp of developed solar plants, and >1.96 GWp of renewable power plants in the development pipeline spread across several states in India. Mahindra Susten is also a co-sponsor of the Sustainable Energy Infra Trust (SEIT), India’s largest renewable Infrastructure.