- NEWS Desk Global
MAHINDRA WILL INVEST NEARLY $150 MILLION IN RENEWABLE ENERGY PROJECTS
The Mahindra Group, a conglomerate spanning from technology to tractors, has announced plans to invest 12 billion rupees (approximately $144 million) in setting up solar and wind energy projects with a hybrid capacity of 150 megawatts (MW) in India, as revealed on Monday. These projects will be developed in collaboration with Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds, serving as a strategic partner to Mahindra Group's renewable energy unit, Mahindra Susten.
Additionally, Mahindra & Mahindra will acquire a 26% stake in its solar power generating unit, Gelos Solren, for $4.8 million, further bolstering the combined investment to nearly $150 million.
India, being the world's third-largest greenhouse gas emitter, is currently intensifying efforts to augment its non-fossil fuel capacity, particularly in solar and wind energy, with the aim to achieve 500 gigawatts (GW) by 2030. This objective comes after the country missed its target of installing 175 GW of renewable capacity by 2022. In alignment with broader sustainability goals, the Mahindra Group has set a target to transition to 100% renewable energy by 2030. Notably, wind power currently accounts for nearly two-thirds of Mahindra & Mahindra's power requirements.