SJVN Limited, a key player in India’s renewable energy sector under the Government’s purview, has secured a major project. The acquisition was made following a rigorous competitive bidding process and e-reverse auction, in collaboration with Mahindra Susten Private Limited, a prominent Independent Power Producer (IPP) in the renewable energy domain.
SJVN Limited is a hydropower company in India, jointly owned by the Government of India and the Government of Himachal Pradesh. SJVN operates the country’s largest hydropower plant and has diversified into thermal, wind, and solar power projects. The company is committed to environmental stewardship and community development, striving to create a positive impact in the regions where it operates.
Mahindra Susten, a subsidiary of the Mahindra Group, is a leading renewable energy solutions provider in India. The company offers end-to-end solutions, including design, engineering, procurement, construction, and operations. The company is known for its innovative approach and commitment to sustainability, driving the adoption of clean energy technologies across the country.
This achievement underscores Mahindra Susten’s exceptional commitment to developing sustainable energy solutions. With a target completion period of 24 months, the project includes the establishment of a 25-year Power Purchase Agreement with Mahindra Susten’s Furies Solren Special Purpose Vehicle. This initiative will significantly expand the company’s portfolio of renewable energy sources, demonstrating its ability to deliver precise and effective sustainable energy solutions.
Furthermore, the company’s substantial involvement as a co-sponsor of India’s largest renewable Infrastructure Investment Trust (InvIT), the Sustainable Energy Infra Trust (SEIT), underscores its dedication to spearheading sustainable energy infrastructure development. This achievement bolsters the company’s standing as a key contributor to India’s decarbonization initiatives, increasing its total capacity under development to more than 1.3 GWp.
Deepak Thakur, the Managing Director and CEO of Mahindra Susten, expresses great enthusiasm for the company’s achievements. He emphasizes the strategic partnership forged with the Ontario Teachers’ Pension Plan in December 2022. Thakur also points to the company’s strong commitment to expanding its range of renewable energy projects, especially focusing on solar, hybrid, and integrated energy storage projects, indicating further growth ahead.