Mahindra Susten, the private equity division of Mahindra Group, has partnered
with Mitsui &
Co. Ltd, of Japan. The aim is to jointly develop and operate distributed solar power
generationprojects in India.
Mahindra
Susten will hold 51% stake
in Marvel Solren Private Ltd. with Mitsui
holding the rest 49%. It is expected that the collaboration
between the two groups would help in targeting India’s industrial and
commercial sectors.
Marvel currently operates four solar power
projects in the country with a combined capacity of 16 megawatts. The
company helps its clients reduce their carbon footprint through long-term
purchase agreements that run between 10 to 25 years. Utilizing Mitsui’s global
network, the company aim to expand the business to 150 megawatts by 2023.
Mahindra
Susten:
Founded
on: 2010
Headquarters: Maharashtra, India
Parent: Mahindra & Mahindra Limited
It is a portfolio company of Mahindra Partners,
the private equity division of the Mahindra Group. It provides services within
the renewable energy segment such as site surveys and feasibility reports to
unit maintenance.
The company also provides advisory services
pertaining to aspects such as financing, financial benefits, and regulatory
approvals.
Mitsui
& Co.:
Founded
on: July 25, 1947
Headquarters: Tokyo, Japan
Founder: Takashi Masuda, Tatsuzo Minakami
Chairman: Masami Iijima
President
and CEO: Tatsuo Yasunaga
It is a global trading and investment company
which has a presence in over 60 countries. It is focussed on sectors such as
energy and resources, machinery and infrastructure and chemicals.
