Mahindra to speculate almost $150 million in renewable power initiatives – Instances of India

BENGALURU: Tech-to-tractor conglomerate Mahindra Group will make investments 12 billion rupees (about $144 million) to arrange photo voltaic and wind power initiatives of 150 megawatt (MW) hybrid capability in India, it mentioned on Monday.
The initiatives will probably be developed by the group’s renewable power unit Mahindra Susten with Ontario Academics’ Pension Plan Board, one in all Canada’s largest pension funds, as its strategic accomplice.
Mahindra & Mahindra may even purchase a 26% stake in its solar energy producing unit Gelos Solren for $4.8 million, taking the mixed funding to just about $150 million.
India, the world’s third-largest greenhouse fuel emitter, is at present attempting to spice up its non-fossil capability, together with photo voltaic and wind power, to 500 gigawatts (GW) by 2030 after lacking its goal to put in 175 GW of renewable capability by 2022.
The Mahindra Group goals to undertake 100% renewable power by 2030.
Wind energy was used for almost two-thirds of Mahindra & Mahindra’s energy wants, based on its 2022-23 annual report.