Japanese investor Mitsui and Indian solar developer Mahindra Susten will jointly develop and operate distributed solar power generation projects in India. As per the agreement, Mitsui will own a 49% equity stake in Mahindra Susten’s subsidiary Marvel Solren (Marvel) that operates four distributed solar projects in India with a combined capacity of 16 MW.
Sharing their future plans, 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 150 MW by 2023.”
Basant Jain, chief executive officer of Mahindra Susten added: “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.”
Marvel’s four solar 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, these projects can collectively reduce CO2 emissions by about 20,000 tonnes annually.
Presently, Mitsui’s global portfolio of power generation assets has a combined capacity of 10.4 GW, with renewable energy accounting for 15% of the portfolio. Mitsui aims to increase this share to 30% by 2030.
Founded in Japan in 1947, the Mitsui Group has a worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors. In India, Mitsui has investments across a diversified portfolio of businesses. It has offices in New Delhi, Mumbai, Chennai, Kolkata and Hyderabad.
Mumbai-headquartered Mahindra Susten, the cleantech arm of the Mahindra group, offers diversified services within the renewables space. With 3.2 GWp of total portfolio, 1.5 GWp executed to date and over 1.7 GWp under execution, its services span across turnkey solar EPC services, including both utility-scale solar and rooftop solar, solar DG hybrid solutions, solar products, solar car charging stations, telecom tower solarization, solar PV O&M and analytics, engineering services, energy management services and industrial construction solutions.