Mahindra Group Announces Partnership With Ontario Teachers’ Pension Plan

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  • SEIT is dedicated to contributing significantly to India’s renewable energy sector
  • SEIT successfully raised primary capital of INR 1365 Crore (USD 165 Million) in its initial unit offering

Mahindra Group has made an alliance with the Ontario Teachers’ Pension Plan Board to co-sponsor an Infrastructure Investment Trust (InvIT) named ‘Sustainable Energy Infra Trust’ (SEIT).

SEIT, India’s largest InvIT in the renewable energy sector, successfully raised primary capital of INR 1365 Crore (USD 165 Million) in its initial unit offering.

The global and Indian investment community has strongly supported the recent offering, which marked SEIT’s debut on the National Stock Exchange of India Limited. Notable investors, including the Asian Infrastructure Investment Bank (AIIB), participated in this venture.

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SEIT is dedicated to contributing significantly to India’s renewable energy sector, aligning with the Mahindra Group and Ontario Teachers’ commitment. Presently, SEIT possesses operational renewable power assets with a capacity of around 1.54 GWp, initially established by Mahindra Susten. The infusion of INR 897.8 Crore (USD 108 Million) through the sale of SEIT units will strategically position Mahindra Susten for accelerated growth and the development of a future portfolio of renewable energy assets.

Dr. Anish Shah, Group CEO & MD of Mahindra Group, expressed confidence in SEIT’s listing as proof of the group’s ability to attract strong external investors. He underscored Mahindra Susten’s ambitious plans for achieving 5X growth over the next five years, aligning with the group’s and the nation’s green energy objectives. The renewable energy sector’s continued growth and attractiveness to investments were highlighted, with excitement about the pivotal roles of Susten and SEIT in shaping the ecosystem.

Avinash Rao, CEO of the Investment Manager to SEIT, emphasised the substantial growth potential in India’s renewable energy sector. He acknowledged the investor-friendly nature of InvIT as an instrument and the government’s focus on sustainable energy, making the industry highly appealing for investments. The involvement of strong sponsors like Mahindra Group, Ontario Teachers’, AIIB, and other prominent investors for existing and future assets was recognised.

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