A term loan of Rs. 1,448 crores has been obtained by Martial Solren to fund its 560 MWp solar power projects in Gujarat and Rajasthan. New funding arrangement with HDFC Bank and Axis Bank was made to finance the intended solar projects so as to build the projected solar projects.
Long-term Power Purchase Agreements (PPAs) with important off-takers will boost the development of solar PV power installations. The facility shall enable India to generate approximately 9 lakh MWh of solar energy per year and reduce approximately 8.19 lakh tons of CO2 equivalent emissions per year. Every year about one lakh and eighty thousand families will get clean energy from the solar electricity produced.
Deepak Thakur, Managing Director & CEO of Mahindra Susten, said that the financial closure of Martial Solren underscores the company’s commitment to powering ‘Atmanirbhar Bharat’ with clean, sustainable energy. This accomplishment demonstrates Mahindra Susten’s commitment to the development of renewable power and strengthens its brand identity within the Indian renewable energy market as an IPP provider.
Rakesh Singh, Group Head – Investment Banking, Private Banking, International Banking, Digital Ecosystems and BaaS, of HDFC Bank, expressed his pleasure in contributing positively towards scaling India’s renewable energy and supporting energy transition projects in the country. Rajiv Anand, Deputy Managing Director of Axis Bank, expressed his honor to be a financial partner in Mahindra Susten’s solar power projects, highlighting their commitment to driving India’s renewable energy revolution and fostering a sustainable future.
