India's Mahindra prepares for USD-450m solar investment - report
Solar panels. Featured Image: pornvit_v/Shutterstock.com
The private equity arm of Indian industrial house Mahindra Group is getting ready to invest some USD 450 million (EUR 410m) in solar power over the next three to four years, a top official told local newspaper Mint.
Mahindra Partners initially plans to spend about USD 225 million on 1 GW of solar parks in the next two to three years, the paper said on Friday, citing managing partner Parag Shah. Moreover, the private equity firm hopes to raise an additional USD 225 million from infra and pension funds over the next three to four years to accelerate its solar expansion, Shah has said.
The group’s solar business will be part of renewables holding company Mahindra Susten, which will also be in charge of the engineering, procurement and construction (EPC). The Indian conglomerate’s overall goal is to generate USD 50 billion in revenue in the next few years with the help of new businesses.
Mahindra is currently nearing completion of a 45-MW solar demonstration plant.