Mahindra Group, a diversified conglomerate with interests in various sectors including automotive, agribusiness, and renewable energy, revealed plans to invest 12 billion rupees in developing solar and wind energy projects in India. The projects, with a combined capacity of 150 MW, will be led by its subsidiary Mahindra Susten and carried out in partnership with Ontario Teachers' Pension Plan Board, a significant player in the Canadian pension fund industry.
As part of its strategic initiatives in renewable energy, Mahindra & Mahindra, a subsidiary of Mahindra Group, is set to acquire a 26% stake in Gelos Solren, its solar power generating unit, for $4.8 million, further boosting its investment in clean energy. This move aligns with the broader goal of Mahindra Group to transition to 100% renewable energy sources by 2030, in line with global efforts to combat climate change and reduce greenhouse gas emissions.
The renewable energy push by Mahindra Group comes at a crucial time for India, the third-largest emitter of greenhouse gases globally, as the country seeks to ramp up its non-fossil fuel capacity to 500 GW by 2030. This initiative follows India's previous target to install 175 GW of renewable capacity by 2022, a goal that was not fully met. Reflecting a significant shift towards sustainability, wind power already accounts for nearly two-thirds of Mahindra & Mahindra's power needs, as stated in its 2022-23 annual report.