Mahindra Susten divests 49 per cent stake in Marvel Solren to Mitsui

Mahindra Susten has divested 49 per cent of its stake in Marvel Solren Private Limited to Japan’s Mitsui & Co.

Mahindra Susten will continue to hold 51 per cent stake in Marvel Solren. The remaining equity will be held with Mitsui. This has been done to jointly develop and operate distributed solar power generation projects in India, a Mahindra statement said.

The company told BusinessLine , “Equity investment will be made by Mahindra Susten and Mitsui in 51:49 ratio. Given our target to develop around 150 MW of solar assets over next three years, it will mean an overall investment of approximately Rs 600 crore with equity contribution of around ₹ 180 crore.”

Marvel, currently, operates four distributed solar projects in India with a combined capacity of 16 MW. 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, the statement said.

Commenting on the move, Kazumasa Nakai, Chief Operating Officer of Mitsui’s Infrastructure Projects Business said, “Utilizing Mitsui’s global network, together we aim to expand the business to 150MW by 2023.”

Marvel will be developing multiple grid connected and distributed projects. These projects will help the customers to reduce their carbon footprints and move towards green renewable energy.

Mahindra Susten has a total portfolio of 3.2 GWp. Of this, 1.5 GWp has been executed to date and over 1.7 GWp is under execution.

Mahindra Susten offers turnkey solar EPC services, including both utility scale solar and rooftop solar. It also provides solar DG hybrid solutions, solar PV O&M and Analytics and energy management services, the statement said.