Mahindra & Mahindra’s (M&M) subsidiary — Mahindra Susten, a leading player in the Indian solar energy sector, has entered into a partnership with Mitsui & Company, of Japan to jointly develop and operate distributed solar power generation projects in India.
Mahindra Susten will continue to hold 51% stake in Marvel Solren, with Mitsui holding the balance equity. Marvel currently operates four distributed solar projects in India with a combined capacity of 16MW that help private clients reduce their carbon footprint by providing renewable energy through long-term power purchase agreements of 10-25 years.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.