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Rising earth temperature and climate change is now a global threat. Organizations have an onerous responsibility to respond to it proactively by identifying potential opportunities to protect the planet. Sustainability has always been at the core of the Mahindra group and we have made a commitment to switch to 50% renewable energy by 2025. We are on a journey to become Planet +ve not just from carbon reductions, rather, by investing in low carbon business to reduce environmental footprints across operations. When we mapped energy requirements of various manufacturing plants of our Auto and Farm Sector (AFS) in every state, Maharashtra turned out to be the highest energy consuming state, with just 8 plants, consuming a whopping 268.4 million Units annually. Majority of the energy requirement was being met from non-renewable sources having adverse impact not just on environment but also on our bottom line. An investment in a captive solar power project aligned well, both with our ESG goals and Shareholder Value creation.
The AFS division of Mahindra and Mahindra business adopted a 60 MWp Captive solar power plant located in Parbhani in the Marathwada region. The solar plant will be built, owned and operated for 25 years by ReNew Sunlight Energy Pvt. Ltd., a 100 % subsidiary of ReNew Power Pvt Ltd. They will sell solar power generated through the Captive Solar project to M&M plants. The plant was commissioned in March 2022 and the power delivery commenced from April 2022. The 150 Acre project has a capacity to generate 100 Mn Units. The renewable power generated caters to 4 manufacturing plants in Maharashtra region. Scalability and horizontal deployment are being explored through Inter State Transmission systems for other sites.
At Mahindra group, we evaluate every project from a dual lens of making environmental impact and shareholder value creation.