Mahindra Susten Secures 300 MW Solar Project in SJVN’s 1500 MW Solar Tender:A Milestone in India’s Renewable Energy Landscape

In a significant advancement for the renewable energy sector, Mahindra Susten Private Limited, a leading Independent Power Producer (IPP), proudly announces the successful acquisition of a landmark project through a competitive bidding process and e-reverse auction conducted by SJVN Limited, a Renewable Energy Implementing Agency of the Government of India.

Project Details:

• Tender/Tranche: SJVN 1500 MW Solar Project
• Capacity Won by Susten: 300 MW
• Tariff Quoted: ₹2.53
• Offtaker: SJVN Limited

Mahindra Susten’s achievement underscores its relentless pursuit of excellence and robust commitment to fostering sustainable energy solutions. The project involves formalizing a 25-year Power Purchase Agreement with Furies Solren, a Special Purpose Vehicle of Mahindra Susten, with a completion timeline of 24 months. This initiative is set to significantly enhance the company’s renewable energy portfolio, demonstrating its dedication to delivering sustainable energy solutions with precision and efficiency.

Strategic Involvement: Mahindra Susten boasts a developed portfolio with over 1.54 GWp of renewable Independent Power Producer (IPP) projects across India. Additionally, the company’s strategic involvement as a co-sponsor of the Sustainable Energy Infra Trust (SEIT), India’s largest renewable Infrastructure Investment Trust (InvIT), further emphasizes its commitment to pioneering sustainable energy infrastructures. SEIT’s successful listing on January 15th, 2023, serves as a testament to Mahindra Susten’s dedication to advancing sustainable energy solutions.

Strategic Achievements: The fiscal year 2024 marks a significant era of strategic achievements for Mahindra Susten, with the acquisition of its fourth reverse auction renewable project win. This victory not only increases the company’s aggregated underdevelopment capacity to over 1.3 GWp but also solidifies its position as a key contributor to India’s decarbonization efforts.

Deepak Thakur, MD & CEO of Mahindra Susten, expressed enthusiasm about the company’s achievements, highlighting the strategic alliance with Ontario Teachers’ Pension Plan in December 2022. Thakur emphasized Mahindra Susten’s dedication to expanding its renewable portfolio and its strategic focus on solar, hybrid, and integrated energy storage projects, promising further growth in the future.