Mitsui and Mahindra Susten to Co-invest in Distributed Solar Power Projects in India

Source Press Release
Company Mitsui & Co., Ltd. 
Tags Corporate Deals, Deals, Renewable Energy, Power
Date June 04, 2019

Mitsui & Co., Ltd. ("Mitsui") has reached an agreement with Mahindra Susten Private Limited to jointly develop and operate distributed solar power generation projects in India.

Mitsui will partner with the Mahindra Group's clean tech arm, taking a 49% equity stake in Marvel Solren Private Limited ("Marvel") that operates four distributed solar projects in India with a combined capacity of 16MW.

The four projects are already in operation and are helping private clients reduce their carbon footprint by providing renewable energy through long-term power purchase agreements of 10-25 years.

Compared to power generated through an average Indian coal-fired power plant, the four projects can collectively reduce CO2 emissions by about 20,000 tons per year and will contribute to the Indian government's renewable energy targets.

Kazumasa Nakai, Chief Operating Officer of Mitsui's Infrastructure Projects Business said: "We are delighted to partner with Mahindra and contribute to India's shift to a low-carbon society. Utilizing Mitsui's global network, together we aim to expand the business to 150MW by 2023."

Basant Jain, Chief Executive Officer of Mahindra Susten said: "We are excited to partner with Mitsui on our path to becoming the most admired brand in sustainable infrastructure and renewable energy. This collaboration between two giants will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India's ambitious renewable energy targets."

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd