Mahindra Group’s Susten wholly-owned subsidiary Martial Solren has secured a loan of ₹1,448 crore for its 560MWp solar projects in Gujarat and Rajasthan. The financing will support solar PV projects developed under long-term power purchase agreements (PPAs) with key off-takers.

After completion, 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.

“Securing the financial closure for our 560MWp Solar Projects in Gujarat and Rajasthan is an important step for Mahindra Susten. The financial closure of Martial Solren, following the onboarding 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,” said Deepak Thakur, Managing Director & CEO of Mahindra Susten.

The ₹1,488 crore loan is financed from HDFC and Axis Bank.

“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,” said Rakesh Singh, Group Head – Investment Banking, Private Banking, International Banking, Digital Ecosystems and BaaS, HDFC Bank.