Mahindra Susten's Gelos Solren Achieves Financial Closure for 150.8 MW Hybrid Wind-Solar Project in Maharashtra
Mahindra Susten has reached financial closure for a 150.8 MW hybrid wind-solar project being developed under a group captive off-take arrangement in Maharashtra, following the execution of a binding financing agreement with the Export-Import Bank of India (India Exim Bank).
Under the agreement, India Exim Bank will act as the sole lender, providing the project's entire debt requirement of ₹875 crore through its Sustainable Finance Programme.
The hybrid renewable energy project comprises 100 MW of wind capacity and 50 MW of solar capacity. It is being developed by Gelos Solren, a subsidiary of Mahindra Susten, to supply electricity to Mahindra & Mahindra and other companies under a captive power arrangement.
The project adds to a run of recent financial closures in India's renewable energy sector, reflecting continued lender appetite for hybrid and captive power projects backed by group off-take arrangements.