Japan-based Mitsui and Company Limited has acquired 49 per cent equity stake in Marvel Solren Private Limited from Mahindra Susten. The remaining equity (51 per cent) will continue to be held by Mahindra Susten. With this, both companies will jointly develop and operate distributed solar power generation projects in India. The equity investment will be made by Mahindra Susten and Mitsui in the ratio of 51:49, which means, an overall investment of about Rs 6 billion with equity contribution of about Rs 1.8 billion.
Marvel currently operates four distributed solar power projects in India with a combined capacity of 16 MW. According to the official statement, compared to power generated through an average Indian coal-fired power plant, the four projects can collectively reduce CO2 emissions by about 20,000 tons per year.
Marvel will be developing multiple grid-connected and distributed projects. These projects will help the customers to reduce their carbon footprints and move towards green renewable energy.
Mahindra Susten has a total portfolio of 3.2 GWp. Of this, 1.5 GWp has been executed to date and over 1.7 GWp is under execution.
Mahindra Susten offers turnkey solar EPC services, including both utility scale solar and rooftop solar. It also provides solar hybrid solutions, solar PV O&M and analytics and energy management services.