Mahindra Susten wins 300 MW in SJVN’s 1.5 GW solar auction

Mahindra Susten, a private-sector power producer, announced this week that it has been awarded a 300 MW solar project in SJVN’s 1.5 GW solar auction. It won the capacity at a tariff of INR 2.53 in a competitive bidding process followed by e-reverse auction conducted by SJVN.

SJVN will sign a 25-year power purchase agreement with Mahindra Susten’s special purpose vehicle (SPV) Furies Solren that will build the project. The project completion period is 24 months.

“This is our fourth bid win this fiscal year, subsequent to our strategic alliance with Ontario Teachers’ Pension Plan in December 2022..,” said Deepak Thakur, managing director and chief executive officer of Mahindra Susten. “Our judicious selection in tender participation, achieving a win rate of over 40%, exemplifies our strategic acumen in navigating the competitive landscape. Our unwavering dedication to growing our renewable portfolio by 5x in the coming years is stronger than ever. With a special focus on solar, hybrid, and integrated energy storage projects, we look forward to announcing further growth in the coming days.”

Mahindra Susten is the renewable energy arm of the Mahindra Group. It has constructed over 4 GWp of solar capacity on EPC basis and developed over 1.5 GWp of solar power plants as an independent power producer with a further capacity of over 1.3 GWp in the developmental pipeline across India’s diverse states.