Mahindra Susten Raises Term Loan of Rs 1,448Cr

Martial Solren is a fully owned subsidiary of Mahindra Susten (the clean-tech branch of the Mahindra Group), has received a term loan of Rs 1,448 crores.

The company said this funding will help develop the planned solar plants, marking an important step in its efforts to improve renewable energy infrastructure in India.

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The funds will also support solar power projects being built under long-term Power Purchase Agreements (PPAs) with major buyers. These projects are strategically important for India’s shift to renewable energy.

The company has officially signed financing agreements with HDFC Bank and Axis Bank to support its 560 MWp solar power projects in Gujarat and Rajasthan. Once finished, the plant is expected to produce about 9 lakh MWh of solar energy each year.

 This will help reduce around 8.19 lakh tonnes of CO2 emissions annually, supporting India’s renewable energy goals. The solar power generated will be enough to provide clean energy to around 1.8 lakh households every year.

“Mahindra Susten has continued to deliver on its core purpose with several strategic achievements. Securing the financial closure for our 560MWp Solar Projects in Gujarat and Rajasthan is an important step for Mahindra Susten”, said, Deepak Thakur, Managing Director and CEO, Mahindra Susten. 

“The financial closure of Martial Solren, following the on boarding of our strategic investor in 2022, underscores our commitment to powering ‘Atmanirbhar Bharat’ with clean, sustainable energy. This milestone reflects our robust project financing capabilities and de-risked development strategy. We are excited about the opportunities ahead as we expand our portfolio and contribute to building a sustainable future,” Thakur added. 

Rakesh Singh, Group Head - Investment Banking, Private Banking, International Banking, Digital Ecosystems and BaaS, HDFC Bank said, “We’re pleased to contribute positively towards scaling India’s renewable energy and supporting energy transition projects in the country. Partnering with Mahindra Susten on the 560 MWp solar power project in Gujarat & Rajasthan is another step in the direction of supporting businesses creating solutions that are climate sensitive. We hope our partnership with Mahindra Susten enhances our resolve to encourage green energy products as part of our contribution towards reducing carbon footprint in India." 

Rajiv Anand, Deputy Managing Director, Axis Bank said, “Axis Bank is honoured to be a financial partner in Mahindra Susten’s solar power projects. Supporting this 560 MWp initiative reinforces our commitment to driving India’s renewable energy revolution and fostering a sustainable future. At Axis Bank, we believe that responsible financing is key to driving socio-economic growth and environmental stewardship, and we remain dedicated to empowering initiatives that create long-term value for the communities and the planet." 

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About Mahindra Susten

Mahindra Susten is based in Mumbai and part of India’s Mahindra Group has created a fully owned subsidiary focused on power generation and sales in renewable energy. Mahindra Susten has installed over 1.5 GWp of energy assets and is working on developing an additional 3.1 GWp. The company has also completed more than 4.2 GWp of renewable energy projects, both in India and internationally, as an engineering, procurement, and construction (EPC) contractor.

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