The funding from HDFC Bank and Axis Bank will support renewable energy development, enabling the generation of 9 lakh MWh annually, offsetting 8.19 lakh tonnes of CO2, and powering 1.8 lakh households.
11 Dec 2024 | 2532 Views | By Autocar Professional Bureau
Martial Solren, a wholly owned subsidiary of Mahindra Susten Private Limited, has secured a ₹1,448 crore rupee term loan from HDFC Bank and Axis Bank. This funding will support the development of 560 MWp solar power projects in Gujarat and Rajasthan, contributing to the company’s ongoing efforts to expand renewable ...
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Martial Solren, a wholly owned subsidiary of Mahindra Susten Private Limited, has secured a ₹1,448 crore rupee term loan from HDFC Bank and Axis Bank. This funding will support the development of 560 MWp solar power projects in Gujarat and Rajasthan, contributing to the company’s ongoing efforts to expand renewable energy infrastructure in India.
The projects are being developed under long-term Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL) and Rajasthan Urja Vikas Nigam Limited (RUVNL). The financing agreement was finalised on highly competitive terms, reflecting confidence in the company’s project and financial planning.
Once operational, the solar plants are expected to generate approximately 9 lakh megawatt-hours of electricity annually, offsetting around 8.19 lakh tonnes of carbon dioxide equivalent emissions. This clean energy output is estimated to meet the electricity needs of about 1.8 lakh households each year, aligning with India’s renewable energy goals.
Deepak Thakur, Managing Director and CEO of Mahindra Susten, described the financial closure as a critical milestone for the company. He highlighted that the funding reinforces Mahindra Susten’s strategy of expanding its portfolio while supporting India’s energy transition. Thakur noted that the closure follows the onboarding of a strategic investor in 2022, further emphasising the company’s commitment to sustainable energy development.
Rakesh Singh, Group Head at HDFC Bank, expressed satisfaction in partnering with Mahindra Susten on the project, underscoring the importance of supporting climate-conscious energy solutions. Similarly, Rajiv Anand, Deputy Managing Director at Axis Bank, stated that the partnership aligns with the bank’s goal of fostering socio-economic and environmental sustainability through responsible financing.
The successful financing highlights Mahindra Susten’s role as a key player in India’s renewable energy sector, with the potential to make a significant impact on the country’s clean energy landscape.