Mahindra Susten Gets Equity Investment From Mitsui & Co.

In Clean News, News, Renewable Energy, Solar

Mahindra Susten subsidiary Marvel Solren has received equity investment from Japan’s Mitsui & Co..

Mahindra Susten has sold a 49% stake in Marvel Solren which is engaged in development of distributed solar power projects for commercial and industrial establishments in India.

Marvel Solren currently operates four distributed solar power projects across India with a combined installed capacity of 16 megawatts.

Mitsui is expected to remain highly engaged with the joint venture in order to gain further market share in the distributed solar sector. Marvel Solren hopes to have delivered a cumulative capacity of 150 megawatts by 2023.

India, in itself, represents a huge market for companies like Marvel Solren that target corporates eager to switch to renewable energy sources.

According to a recent study published by WWF India, 69% of the top 100 companies listed at the National Stock Exchange are already procuring renewable energy in some form.

Reference- WWF India Report, TOI, Mercom India

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