Mahindra & Mahindra has signed an agreement with ReNew Sunlight Energy, a step-down arm of Renew Power, to purchase power from its 58 MW solar plant under open access.
Mahindra & Mahindra also signed the agreement to raise a 31.2% equity stake in ReNew Sunlight Energy, which will allow ReNew Sunlight Energy as a captive generator to supply solar power to Mahindra & Mahindra. The acquisition, priced at INR 16.07 crore, is expected to complete by December 31 this year.
ReNew Sunlight Energy was incorporated on December 15, 2020, to set up a solar park and generate solar power. It will build, own and operate the 58 MWp captive solar power plant to generate around 100 million units a year and feed it into the MSEDCL grid.
Mahindra & Mahindra’s manufacturing plants will consume this solar power under the company’s open access arrangement with the electricity distribution companies.
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