June 6 (Renewables Now) - Japanese general trader Mitsui & Co Ltd (TYO:8031) and Indian cleantech firm Mahindra Susten Pvt will partner in the distributed solar space in India.
As part of the agreement, Mitsui will acquire a 49% stake in Mahindra Susten’s unit Marvel Solren Pvt Ltd, which currently has 16 MW of operational solar capacity across four distributed energy systems. These are selling power to private clients under power purchase agreements (PPAs) with terms of between 10 and 25 years.
The COO of Mitsui's Infrastructure Projects Business, Kazumasa Nakai, said on Tuesday that the plan is to grow the business to 150 MW by 2023.
Mahindra Susten, which is part of the Mahindra Group, offers engineering, procurement and construction (EPC) for both utility-scale and rooftop solar projects. It has built 1.5 GWp of solar capacity to date and has more than 1.7 GWp of projects in progress. Mitsui, meanwhile, has a global power fleet of 10.4 GW, with a renewables share of 15%. It has set a goal to double that to 30% by 2030.