Mahindra & Mahindra to take 26 percent stake in Gelos Solren for captive hybrid project

Mahindra & Mahindra Limited has signed a share subscription and shareholder’s agreement to buy a 26 per cent equity stake in Gelos Solren Private Limited, a wholly owned subsidiary of Mahindra Susten. The investment will support a 100.8 MW captive wind-solar hybrid project in Maharashtra.

Mahindra & Mahindra will invest Rs 371.42 million to acquire the 26 percent stake. Gelos Solren will develop the 100.8 MW hybrid system with 100.8 MW of wind capacity and 50 MW of solar capacity. The power will be supplied to Mahindra & Mahindra and other commercial and industrial consumers.

The Mahindra Group stated that it aims to run all businesses on renewable energy by 2030. As part of that effort, the Group will develop a 150 MW hybrid renewable project with a planned cost of about Rs 1,200 crore. Mahindra Susten will lead the development, with Ontario Teachers’ Pension Plan Board as a strategic partner. The installation will include about 101 MW of wind and about 52 MW of solar capacity. It is expected to produce about 460 million kWh each year and avoid about 420,000 tonnes of CO2 emissions.

Mahindra Susten said the project marks its entry into the hybrid segment and will be one of the largest co located hybrid plants in Maharashtra for commercial and industrial supply. The company plans to commission the project within two years and use more than 80 percent locally manufactured components to support domestic supply chains.

Mahindra Group CEO and MD Dr Anish Shah said the project reflects the company’s sustainability focus and presents a strong economic case for green power use across the Group. Mahindra Susten CEO and MD Deepak Thakur said hybrid systems can help large consumers shift to cleaner operations.

Mahindra & Mahindra reported that the Auto and Farm businesses have contracted about 41.20 MW of wind and 25.90 MW of solar capacity within the project. This share is expected to generate about 197 million kWh annually and avoid about 184,000 tonnes of CO2 emissions. The company expects its renewable share to rise from 34 percent in FY23 to about 60 percent in FY26. Automotive Division President Veejay Nakra said the initiative aligns with upcoming electric vehicle plans and will help cut operational emissions.

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