150 MW Hybrid RE Project: On Monday 15th April, Mahindra Group shared some big news. They said they’re going to put Rs 1,200 crore into renewable energy projects in India. Mahindra Group is planning to make a 150 MW hybrid renewable energy plant. It will use both solar and wind power.
Mahindra Group to Develop 150 MW Hybrid RE Project
Mahindra Susten, a part of the Mahindra Group, will lead the development of this hybrid project. They’re a big player in the renewable energy sector, known as an Independent Power Producer (IPP). Joining hands with them is the Ontario Teachers’ Pension Plan Board, a global investor, as a strategic partner.
The company shared in its official filing that the project will consist of 101 MW of wind power and 52 MW of solar power. It’s estimated to generate 460 million kWh of energy, which could help reduce about 420,000 tonnes of CO2 emissions. Mahindra also talked about its commitment to running businesses that are good for the planet. They want to use 100% renewable energy in all their operations by 2030.
150 MW Hybrid RE Project will be operational within the next two years
Mahindra plans to finish this project in two years. Currently, they have a 34% market share in the energy sector and aim to increase it to 60% by 2026. This shows their commitment to renewable energy growth. Mahindra is working to create a greener future and boost the economy by investing in projects like this. M&M want to build a better, greener and sustainable future for everyone.
Mahindra Group Committed to build ‘Planet Positive’ businesses
Anish Shah, the CEO & MD of Mahindra Group, talked about the importance of moving towards cleaner energy to fight climate change. He said this project shows their commitment to sustainability. Mahindra wants their business to have a positive impact on the planet by using green energy and starting eco-friendly projects. Shah also said that this project makes good business sense and helps the group work together more effectively.
After this news, Mahindra & Mahindra Ltd (M&M) shares saw a slight dip of 0.90% to Rs 2,051.50 in the latest trades. The total trade volume stood at Rs 7.17 crore, with a market capitalization of Rs 2,55,085.07 crore.
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