Mahindra Susten Secures Rs 1,448 Crore Loan for Solar Power Expansion

Mahindra Group's subsidiary, Martial Solren, has secured a Rs 1,448 crore term loan to support solar PV projects in Gujarat and Rajasthan. The loan from HDFC and Axis Bank will aid in the development of 560 MWp solar power projects, promoting sustainable energy solutions in India.

The Mahindra Group firm, Mahindra Susten, has announced that its subsidiary, Martial Solren, has successfully secured a substantial term loan of Rs 1,448 crore. This financing will fuel solar photovoltaic power projects that are under long-term Power Purchase Agreements with significant off-takers.

The funding, executed with HDFC Bank and Axis Bank, will support Martial Solren's ambitious 560 MWp solar projects in the Indian states of Gujarat and Rajasthan. According to Deepak Thakur, Managing Director & CEO of Mahindra Susten, this marks a crucial achievement in their renewable energy endeavors.

Upon completion, these solar initiatives are projected to produce around 9 lakh MWh of clean energy annually, sufficient to power approximately 1.8 lakh households, while offsetting approximately 8.19 lakh tonnes of CO2 emissions, thereby contributing to India's renewable energy goals.

(With inputs from agencies.)