Mitsui to buy 49% of Mahindra solar subsidiary

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Japan’s Mitsui & Co. will acquire a 49% equity stake in Marvel Solren, a subsidiary of Mahindra Susten.

Mumbai-based Mahindra Susten will retain a majority 51% stake in Marvel Solren, which runs four distributed solar projects in India with a combined capacity of 16 MW. All of the installations are operating under long-term power purchase agreements of 10 to 25 years. Mahindra Susten, a solar EPC services provider under India’s Mahindra Group, also plans to jointly develop and operate up to 150 MW of solar with the Japanese trading giant by 2023.

“This collaboration between two giants 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,” said Basant Jain, chief executive officer of Mahindra Susten.

The company provides turnkey solar EPC services for utility-scale and rooftop solar projects, with 1.5 GW of capacity executed to date and more than 1.7 GW under development. It also offers solar O&M and engineering services.

Mitsui & Co. currently has a global power generation portfolio of 10.4 GW, with renewable energy accounting for 15% of the total. The Japanese company aims to increase this to 30% by 2030. In India, it has investments across a diversified portfolio of businesses, with offices in New Delhi, Mumbai, Chennai, Kolkata and Hyderabad.