Mahindra & Mahindra sells solar assets to InvIT owned with Canadian pension fund


Mahindra & Mahindra Group today announced the signing of the share purchase agreement to sell its entire 60.1% stake in its solar development arm Emergent Solren to Sustainable Energy Infra Trust (SEIT), a renewable energy focused infrastructure investment trust sponsored by Canadian pension fund Ontario Teachers’ Pension Plan and Mahindra Susten. The balance 39.99% stake of Emergent Solren, held by 2OL (an arm of Ontario Teachers’ Pension Plan), has also been sold to SEIT.

Emergent Solren has a solar portfolio of 360 MW.

Further, Mahindra & Mahindra Group has announced the signing of the share purchase agreements for the sale of its step-down arms Mega Suryaurja and Megasolis Renewables to SEIT. With this, Megasolis Renewables’ wholly owned arms Neo Solren, Astra Solren, and Brightsolar Renewable Energy would also cease to be subsidiaries of the company.

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