Mahindra Susten announced today its arm Martial Solren has secured a Rupee term loan of INR 1,448 crore from HDFC Bank and Axis Bank to support the development of 560 MWp of solar power projects.
The company said these solar PV power projects are being developed in Gujarat and Rajasthan under long-term power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Ltd and Rajasthan Urja Vikas Nigam Ltd. Once completed, the plant is expected to generate approximately 9 lakh MWh of solar power annually, helping to offset around 8.19 lakh tonnes of CO2 equivalent emissions annually. The solar power generated will be sufficient to power 1.8 lakh households every year.
Deepak Thakur, managing director & CEO of Mahindra Susten, said, “Securing the financial closure for our 560MWp solar projects in Gujarat and Rajasthan is an important step for Mahindra Susten…This milestone reflects our robust project financing capabilities and de-risked development strategy.”
Mahindra Susten is the clean teach arm of Mahindra Group’s renewable energy platform. It has a comprehensive portfolio spanning over 4 GWp of engineering, procurement, and construction (EPC) capacity, around 1.54 GWp of solar plants developed under independent power producer mode, and more than 3.14 GWp of renewable power plants in the development pipeline across several states in India. Mahindra Susten is also a co-sponsor of the Sustainable Energy Infra Trust (SEIT), India’s largest renewable Infrastructure Investment Trust (InvIT).
Rakesh Singh, group head – Investment Banking, Private Banking, International Banking, Digital Ecosystems and BaaS, HDFC Bank, said, “Partnering with Mahindra Susten on the 560 MWp solar power project in Gujarat and Rajasthan is another step in the direction of supporting businesses creating solutions that are climate sensitive. We hope our partnership with Mahindra Susten enhances our resolve to encourage green energy products as part of our contribution towards reducing carbon footprint in India.”
Rajiv Anand, deputy managing director, Axis Bank, said, “Supporting this 560 MWp initiative reinforces our commitment to driving India’s renewable energy revolution and fostering a sustainable future. At Axis Bank, we believe that responsible financing is key to driving socio-economic growth and environmental stewardship, and we remain dedicated to empowering initiatives that create long-term value for the communities and the planet.”
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