Mahindra Susten has entered into a partnership with one of the largest and most prominent global trading and investment companies, Mitsui & Co. Ltd of Japan to jointly develop and operate distributed solar power generation projects in India. Mahindra Susten will continue to hold a 51% stake in Marvel Solren Private Limited (“Marvel”) a unit of the Mahindra Group’s clean-technology arm, with Mitsui holding the balance equity.
Compared to power generated from average Indian coal-fired power plant, the four projects can collectively reduce CO2 emissions by about 20,000 tons per year and contribute to the Indian government's annual renewable energy targets. The country currently stands with ~25 GW of grid-connected solar power capacity as compared to 9 GW in 2015. Marvel currently operates four distributed solar projects in India with a combined capacity of 16MW that help private clients reduce their carbon footprint.
Basant Jain, Chief Executive Officer, Mahindra Susten, said, "We are excited to partner with Mitsui on our path to becoming the most admired brand in sustainable infrastructure and renewable energy. 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."
According to a study on the off-grid solar power industry, the solar energy sector in the country is slated for a threefold growth, touching USD 1.4 billion by 2023. Empowered by a wide portfolio of services and industry expertise, Mahindra Susten is constantly catalyzing the shift towards new energy capacity additions in the country. In terms of solar power installations, India has already overtaken the US and has become the second largest solar power market in the world.