Chandigarhi,12th December 2024: Martial Solren, a 100% wholly owned subsidiary of Mahindra Susten Private Limited, the clean-tech arm of the Mahindra Group, has successfully secured a Rupee term loan of Rs. 1,448 Crores. The financing documents have been formally executed with HDFC Bank and Axis Bank to support its ambitious 560 MWp solar power projects in the states of Gujarat and Rajasthan. This funding will enable the development of the proposed solar plants, marking a significant milestone in the company’s efforts to advance renewable energy infrastructure in India.
GUVN: Gujarat Urja Vikas Nigam Limited; RUVN: Rajasthan Urja Vikas Nigam Limited
The financing will support solar PV power projects being developed under long-term Power Purchase Agreements (PPAs) with key off-takers. These projects are strategically positioned to play a transformative role in India’s transition to renewable energy.
Once completed, the plant is expected to generate approximately 9 lakh MWh of solar energy annually. This output will offset around 8.19 lakh tonnes of CO2 equivalent emissions annually, contributing to India’s renewable energy targets. The solar power generated will be sufficient to provide clean energy to approximately 1.8 lakh households every year.
Deepak Thakur, Managing Director & CEO of Mahindra Susten, said, in this fiscal year, Mahindra Susten has continued to deliver on its core purpose with several strategic achievements. Securing the financial closure for our 560MWp Solar Projects in Gujarat and Rajasthan is an important step for Mahindra Susten. The financial closure of Martial Solren, following the on boarding of our strategic investor in 2022, underscores our commitment to powering ‘Atmanirbhar Bharat’ with clean, sustainable energy. This milestone reflects our robust project financing capabilities and de-risked development strategy. We are excited about the opportunities ahead as we expand our portfolio and contribute to building a sustainable future”.
This achievement highlights Mahindra Susten’s dedication to supporting India’s clean energy transition and reinforces its position as a leading IPP (Independent Power Producer) player in the renewable energy sector.
Rakesh Singh, Group Head – Investment Banking, Private Banking, International Banking, Digital Ecosystems and BaaS, HDFC Bank said, “We’re pleased to contribute positively towards scaling India’s renewable energy and supporting energy transition projects in the country. Partnering with Mahindra Susten on the 560 MWp solar power project in Gujarat & 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, “Axis Bank is honored to be a financial partner in Mahindra Susten’s solar power projects. 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.”