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Swaraj Tractors and Mahindra Susten Partner to Develop Punjab’s Largest Solar Group Captive Project

Newsmantra — Wed, 02 Apr 2025 13:45:20 +0000

Bengaluru, April 02, 2025: Swaraj Tractors, a division of the Mahindra Group has announced its collaboration with Mahindra Susten, the Group’s clean-tech arm, to establish Punjab’s largest solar group captive project—a 26 MW solar energy installation in Bathinda district. This ambitious venture is a significant step forward towards scaling up Swaraj Tractors renewable energy share to up to 50 per cent.

The solar energy project developed by Mahindra Susten, will supply clean energy to four Swaraj Tractor manufacturing facilities located in Mohali and Dera Bassi. The project is expected to generate approximately 60 million kWh of renewable energy annually, contributing to the abatement of around 54,600 tonnes of CO2 emissions.

The initiative reinforces Mahindra Group dedication to sustainability and climate action, while setting a new benchmark for green energy adoption in tractor manufacturing.

Commenting on the significance of this project, Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd stated, “With this groundbreaking solar project, we are taking a pioneering step in introducing green energy at such a large scale in tractor manufacturing for the first time in India. The initiative aligns perfectly with our vision of Transforming Farming and Enriching Lives, while advancing toward a sustainable future.”

Echoing this sentiment, Gaganjot Singh, CEO, Swaraj Division, Mahindra & Mahindra Ltd., remarked, “This solar project is a testament to our unwavering commitment to creating a cleaner, greener future. By leveraging Mahindra Susten’s expertise, we are confident of achieving our renewable energy goals and making a significant contribution to Punjab’s evolving energy landscape.”

The project also marks Mahindra Susten’s entry into another state viz. Punjab, further strengthening its business footprint as a leading renewable Independent Power Producer (IPP). Deepak Thakur, Managing Director and CEO, Mahindra Susten Private Limited, emphasized the importance of this collaboration: “At Mahindra Susten, our vision is to deliver clean and efficient energy solutions to the Commercial and Industrial (C&I) sector and we are doing so by developing bespoke power plants tailored to optimally serve each C&I client requirements. We are proud to partner with Swaraj Tractors in their sustainability journey and to bring our renewable energy expertise to Punjab. Together, we aim to drive the adoption of green energy and contribute to India’s transition toward a renewable future.”

As one of the pioneers in India to commit to 100% renewable energy adoption, the Mahindra Group continues to set benchmarks for sustainability and innovation.

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Mahindra Susten successfully closed ~ Rs.1448 Cr. financing from HDFC Bank & Axis Bank for its 560 MWp Solar Projects in the states of Gujarat & Rajasthan

Newsmantra — Wed, 11 Dec 2024 11:33:29 +0000

Bengaluru, December 11, 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.

Projects under development	560Mwp Solar PV power Projects
Off taker for the project	GUVNL & RUVNL
Financing Terms	Long term Rupee loan facility is secured on highly competitive terms

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.”

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Waaree Energies Limited to supply 280 MW of ELITE Series Solar Modules to Mahindra Susten

Newsmantra — Thu, 20 Jun 2024 10:55:06 +0000

Bengaluru, 20 June, 2024: Waaree Energies Limited, India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), proudly announces an agreement with Mahindra Susten, a renewable independent power producer (IPP), to supply 280 MW (DC) of advanced solar modules in Bikaner, Rajasthan. The contract involves the provision of Waaree Energies Limited’s ELITE Series, N-Type TopCon 580Wp modules, renowned for their efficiency and performance. The modules will be delivered from December 2024 onwards and are designed to support Mahindra Susten’s ambitious renewable energy projects.

Commenting on the partnership, Mr Sunil Rathi, Director – Sales, Waaree Energies Limited, stated, “Partnering with Mahindra Susten is a source of great pride for our company. We believe that this collaboration represents a step forward in advancing India’s clean energy transition. By supplying 280 MW of our ELITE Series modules, we demonstrate our commitment to India’s sustainable energy mission. At the core of our company’s vision is an advocacy for widespread adoption of eco-friendly energy solutions through strategic partnerships. This partnership is expected to showcase not only our technological capabilities, but also our belief in crafting a greener and more energy-efficient future for all. Together, we shall aspire to redefine the landscape of clean energy solutions, fostering innovation and sustainability for generations to come.”

Mr. Deepak Thakur, Managing Director & CEO of Mahindra Susten, expressed his enthusiasm, “We are pleased to announce our second order this financial year with Waaree Energies Limited. This collaboration represents an important move in our commitment to ‘Atmanirbhar Bharat,’ utilising Waaree’s ‘Made-in-India’ products. Both companies are committed to building renewable energy projects. This order further strengthens our partnership and propels Mahindra Susten’s efforts to advance multiple IPP renewable energy projects within its development pipeline, contributing to India’s energy transition.”

Waaree Energies Limited’s ELITE Series modules feature N-Type TopCon technology, providing performance, durability, and a 30-year output performance warranty. We believe that this agreement solidifies Waaree Energies Limited’s reputation for reliability in the solar energy sector and is expected to have an impact on India’s renewable energy landscape, and contribute to advancing the nation towards a greener and more sustainable future.

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