Mahindra Solar One, a joint venture between India’s diversified business group Mahindra & Mahindra Ltd and Kiran Energy, plans to invest Rs 10 billion in solar power generation to build a capacity of 100 megawatts over the next two years, according to an Economics Times report.
“Our target is to be among the top three players in the solar industry in the next five years,” Anand Mahindra, vice chairman and managing director, Mahindra & Mahindra said.
Mahindra Solar One has commissioned its first solar power plant near city of Jodhpur in western Indian state of Rajasthan.
Commenting on the policy front Mahindra said, “Government policies are very encouraging for setting up solar plants. We will be bidding for further solar projects under the JNNSM.”
Jodhpur solar power plant has been commissioned in record 100 days by the engineering, procurement and construction arm of Mahindra Solar, Mahindra EPC. The solar power generated from theh unit is expected to provide electricity equivalent to around 60,000 rural homes and avoid emissions of about 8,000 tonnes of carbon dioxide annually.
M&M has entered into the renewable energy space through Mahindra Cleantech Ventures.
The company won 30 MW bid under the Jawaharlal Nehru National Solar Mission (JNNSM) in year 2011 and its projects are under development across Rajasthan, Maharashtra, Gujarat, Tamil Nadu and Karnataka.