Mumbai, Apr 16 (KNN) Mahindra Group has announced a significant investment of around Rs 1,200 crore in a large-scale hybrid renewable energy project in Maharashtra.

The project, which will be developed by Mahindra Susten, a subsidiary of the Mahindra Group, will combine solar and wind energy sources to generate clean electricity.

The ambitious project will have a total capacity of 150 MW, comprising 101 MW of wind power and 52 MW of solar power.

Once operational, the hybrid renewable energy installation is expected to generate 460 million kWh of energy annually, leading to an estimated abatement of 420,000 tonnes of carbon dioxide emissions.

In a strategic move, Mahindra Susten has partnered with the Ontario Teachers' Pension Plan Board, a marquee global investor, for this project.

This collaboration marks Mahindra Susten's foray into the 'hybrid renewable energy' segment, and the project will be one of the largest co-located solar + wind hybrid projects in Maharashtra, delivering clean energy to Commercial and Industrial (C&I) customers.

The project is expected to be commissioned within the next two years and will integrate more than 80 per cent of locally manufactured components, aligning with the government's 'Make in India' initiative and promoting domestic manufacturing.

As part of this investment, Mahindra Group is acquiring a 26 per cent stake in Gelos Solren Private Ltd, a wholly-owned subsidiary of Mahindra Susten Private Ltd, for Rs 40.08 crore.

Gelos Solren Private Ltd is a subsidiary of Mahindra Holdings Ltd, which is a wholly-owned subsidiary of Mahindra & Mahindra Ltd. Gelos plans to generate and distribute renewable energy in accordance with the group captive power procurement model.

(KNN Bureau)