Mahindra Susten Secures Rs 1,448 Cr Loan for Solar Projects

New Delhi, Dec 11 (PTI) Mahindra Group firm Mahindra Susten on Wednesday said its wholly-owned subsidiary Martial Solren has secured a term loan of Rs 1,448 crore.

The financing will support solar PV power projects being developed under long-term Power Purchase Agreements (PPAs) with key off-takers.

Martial Solren, a 100 per cent wholly-owned subsidiary of Mahindra Susten Private Ltd, the clean-tech arm of the Mahindra Group, has successfully secured a rupee term loan of Rs 1,448 crore, a company statement said.

The financing documents have been formally executed with HDFC Bank and Axis Bank to support its ambitious 560 MWp solar power projects in Gujarat and Rajasthan, the statement added.

Deepak Thakur, Managing Director & CEO of Mahindra Susten, said securing the financial closure for our 560MWp Solar Projects in Gujarat and Rajasthan is an important step for Mahindra Susten.

Once completed, the plant is expected to generate approximately 9 lakh MWh of solar energy annually.

This output will offset around 8.19 lakh tonnes of CO2 equivalent emissions annually, contributing to India's renewable energy targets.

The solar power generated will be sufficient to provide clean energy to approximately 1.8 lakh households every year.

Rakesh Singh, Group Head - Investment Banking, Private Banking, International Banking, Digital Ecosystems and BaaS, HDFC Bank said partnering with Mahindra Susten on the 560 MWp solar power project in Gujarat and Rajasthan is another step in the direction of supporting businesses creating solutions that are climate sensitive.

Rajiv Anand, Deputy Managing Director, Axis Bank, said supporting this 560 MWp initiative reinforces our commitment to driving India's renewable energy revolution and fostering a sustainable future.