Martial Solren achieves financial closure for solar projects in Gujarat and Rajasthan

Martial Solren, a wholly-owned subsidiary of Mahindra Susten, has achieved financial closure for its 400 MW/560 MWp solar power projects in Gujarat and Rajasthan. 

The company secured a Rs14.48 billion loan from HDFC Bank and Axis Bank for the projects.

In April and June 2023, Mahindra Susten won 100 MW each under the base capacity and greenshoe capacity, quoting tariffs of Rs 2.74 per kWh and Rs 2.71 per kWh, respectively, under the 500 MW solar auction of Gujarat Urja Vikas Nigam Limited (GUVNL). 

In May 2023, the firm also won 200 MW under the 1,000 MW solar auction of Rajasthan Urja Vikas Nigam Limited (RUVNL), quoting a tariff of Rs 2.61 per kWh.

The firm has signed 25-year power purchase agreements (PPAs) with GUVNL and RUVNL for the procurement of power generated from these projects. 

The projects are expected to be commissioned within 18 months from the date of signing the PPAs.