For the next three years, Mahindra Susten will invest $1 billion (Rs 6,200 crore) in green power segment of India.
The Mahindra’s renewable energy wing targets to achieve one GW of owned solar energy capacity in addition to three GW of third party projects.
“We started off by winning a project of 5 MW and in last three to four years we have progressed. Our expectation is to have 350 MW of EPC and another 80 MW of our own assets by the end of the year,” Parag Shah, managing partner, Mahindra Partners told PTI here.
It is expected that the effort will help the company to achieve EPC size of 2-3 GW by the end of the targeted year.
In addition, the group has plans to consolidate its solar energy base in states like Gujarat, Rajasthan, Andhra Pradesh, Telangana and Madhya Pradesh.
Currently, the revenue of the company stands at the $150-200 million level.
The total size of the project will be about Rs 4,500 crore out of which 80 per cent will be debt and 20 per cent equity. From the Mahindra Group about Rs 1,200 crore of equity infusion is anticipated.
The portfolio will include wind and solar energy, energy efficiency and ‘green’ buildings.
At present, the firm owns one five-MW project under the first phase of the Jawaharlal Nehru National Solar Mission and another 33 MW in the second phase.
Another 40 MW of project is owned by the company under the solar energy missions of Andhra Pradesh and Telangana.
Machinepulse, a division of the company that develops software solutions involving analytics focuses on individuals and households too.
According to officials, the company has also been focusing on R&D activities and innovations for distributed solar products, micro-grids and hybrid products with an aim to spread across rural areas, where conventional electricity supply is not regular.
Sabeena Wahid