Mahindra Susten And Mitsui To Co-invest In Distributed Solar Power Projects In India
Mahindra Susten, a leading player in the Indian solar energy sector, has entered into a partnership with Mitsui & Co., Ltd of Japan to jointly develop and operate distributed solar power generation projects in India. Mahindra Susten will continue to hold 51% stake in Marvel Solren Private Limited (“Marvel”), with Mitsui holding the balance equity.
Marvel currently operates four distributed solar projects in India with a combined capacity of 16MW that help private clients reduce their carbon footprint by providing renewable energy through long-term power purchase agreements of 10-25 years.
Compared to power generated through an average Indian coal-fired power plant, the four projects can collectively reduce CO2 emissions by about 20,000 tons per year and will contribute to the Indian government’s renewable energy targets.
Marvel will be engaged in development of multiple grid connected and distributed projects. These projects will help the customers to reduce their carbon footprints and move towards green renewable energy.