India’s Mahindra Group to invest ₹1,200 crore in hybrid solar, wind project
On Monday, Mahindra Group declared a Rs 1,200 crore investment in renewable energy projects in India, including a 150 MW hybrid project combining solar and wind energy.
The company reaffirmed its dedication to operating environmentally friendly businesses, aiming to achieve 100% renewable energy usage across its various operations by 2030.
Mahindra Susten, a division of Mahindra Group and a prominent player in renewable energy, will develop the hybrid project.
The project will have the Ontario Teachers’ Pension Plan Board as a key partner. Meanwhile, Mahindra & Mahindra Ltd (M&M) shares were trading slightly lower at Rs 2,051.50 in the final deals, with a turnover of Rs 7.17 crore and a market capitalization of Rs 2,55,085.07 crore.
According to the company’s filing with the exchange, the project will consist of 101 MW of wind and 52 MW of solar capacity. It is projected to generate 460 million kWh of energy, reducing CO2 emissions by an estimated 420,000 tonnes.
Also read: Tech Mahindra leads decarbonization drive with net-zero roadmap
Dr. Anish Shah, CEO and MD of Mahindra Group, said, “Energy transition is a key global and national priority to address climate change. This project is a tangible example of our commitment to sustainability as a consumer of green power and building ‘Planet Positive’ businesses as the developer of the project. It also demonstrates a clear economically accretive business case and Group synergy. The project marks a key milestone in Mahindra Group’s continued investments in building and scaling its green portfolio.”
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