Mahindra expands solar, targets 500 MW by March 2016

photo The Hindu

Indian automobile firm Mahindra is planning around 45 billion rupees ($732.5 million) worth investment in renewable energy segment over the next three to four years in India.

The investment will mainly be financed by nearly 33 billion rupees in debt, with the rest funded through cash.

In addition, the group will commission another 180 MW by the end of March 2015.

It is expected that by the end of March 2016, Mahindra will own and operate a total of 500 megawatts of solar power portfolio.

photo The Hindu
photo The Hindu

“The (renewable energy) business is going to boom this year. It is a very attractive investment right now,” Anand Mahindra, chairman and managing director, Mahindra was quoted.

The clean energy unit of the company is estimated to have a total of $17 billion worth assets diversified into solar power and off-grid energy solutions.

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India is looking for investments of $100 billion over seven years to enhance country’s solar energy capacity by 33 times to 100,000 megawatts.

Moreover, the U.S. Export-Import Bank is seeking projects for a $1 billion renewable energy financing for companies planning to transport equipment from the United States to India.
U.S. President Barack Obama on Sunday offered financial support to India’s solar energy target.

Sabeena Wahid
[email protected]