Mahindra Susten, the clean-tech arm of the Mahindra Group, has successfully secured a rupee term loan of Rs 14.48 billion from HDFC Bank and Axis Bank. This funding will facilitate the construction of its 560 MW solar power projects in Gujarat and Rajasthan, which are being developed under long-term power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL) and Rajasthan Urja Vikas Nigam Limited (RUVNL).
Reportedly, the financing is structured as a long-term rupee loan on competitive terms. Upon completion, the solar plants are projected to generate approximately 900,000 MWh of electricity annually, and is anticipated to offset around 819,000 tonnes of carbon emissions per year.
In April 2024, Mahindra Group announced plans for a Rs 12 billion hybrid renewable energy project in Maharashtra, combining 101 MW wind and 52 MW solar capacity to produce 460 million kWh annually, reduce 420,000 tonnes of carbon emissions, and supply clean energy to commercial and industrial clients by 2026.
