Mahindra, Mitsui ink agreement to develop solar power projects in India

Mahindra Susten on Monday announced entering into a partnership with Japan-based Mitsui & Co to jointly develop and operate solar power generation projects in India. A player in the Indian solar energy sector, the Mahindra Group firm will continue to hold 51 per cent stake in Marvel Solren Private Ltd, with Mitsui holding the balance equity, said a statement.

Marvel currently operates four distributed solar projects in India with a combined capacity of 16MW that help private clients reduce their carbon footprint, it added. Commenting on the development, Mahindra Susten CEO Basant Jain said: "This collaboration between two leading groups 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."

Mitsui's Infrastructure Projects Business Chief Operating Officer Kazumasa Nakai said: "We are delighted to partner with Mahindra Susten and contribute to India's shift to a low-carbon society. Utilizing Mitsui’s global network, together we aim to expand the business to 150MW by 2023.” Marvel will be engaged in development of multiple grid connected and distributed projects.

"These projects will help the customers to reduce their carbon footprints and move towards green renewable energy," it said.

(With inputs from agencies.)