Mitsui & Co., Ltd. ("Mitsui") has reached an agreement with Mahindra Susten Private Limited to jointly develop and operate distributed solar power generation projects in India.
Mitsui will partner with the Mahindra Group's clean tech arm, taking a 49% equity stake in Marvel Solren Private Limited ("Marvel") that operates four distributed solar projects in India with a combined capacity of 16MW.
The four projects are already in operation and are helping private clients reduce their carbon footprint by providing renewable energy through long-term power purchase agreements of 10-25 years.
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 and will contribute to the Indian government's renewable energy targets.
Kazumasa Nakai, Chief Operating Officer of Mitsui's Infrastructure Projects Business said: "We are delighted to partner with Mahindra and contribute to India's shift to a low-carbon society. Utilizing Mitsui's global network, together we aim to expand the business to 150MW by 2023."
Basant Jain, Chief Executive Officer of Mahindra Susten said: "We are excited to partner with Mitsui on our path to becoming the most admired brand in sustainable infrastructure and renewable energy. This collaboration between two giants will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India's ambitious renewable energy targets."
Today Mitsui's global portfolio of power generation assets has a combined capacity of 10.4GW, with renewable energy accounting for 15% of the portfolio. Mitsui aims to increase this share to 30% by 2030 and contribute to the creation of an eco-friendly society.
Mitsui & Co. (8031: JP) is one of the largest and most prominent global trading and investment companies. Founded in Japan in 1947, the Group maintains a unique, unobstructed view of international markets through its worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors.
Working in partnership with many of the world's most prominent private companies, Mitsui & Co.'s outstanding long-term performance is founded on its core business areas of Energy and Resources, Machinery & Infrastructure, and Chemicals. These strong and expanding legacy businesses provide a stable platform across bold and increasingly innovative areas of Mobility, Healthcare, Nutrition & Agriculture, and Retail & Services.
Mitsui & Co.'s success is also founded on its adaptable approach to partnerships, which offers it unparalleled insights into the world's broad economic drivers. These insights enable Mitsui leaders to identify trends and opportunities for growth while driving effective collaboration across its businesses to harness synergies and realize additional value.
Mitsui in India
Mitsui has a long-standing and widespread presence in India. Since the 1950s, Mitsui has progressively grown and expanded in the country to operate across a diversified portfolio of businesses. Today Mitsui has investments in steel, power infrastructure, chemicals, logistics, motorcycles, bathroom products, healthcare, pharmaceuticals, fast moving consumer goods, and television shopping. Mitsui has offices in New Delhi, Mumbai, Chennai, Kolkata, and Hyderabad.
About Mahindra Susten
Mahindra Susten Private Limited ("Mahindra Susten", Head Office: Mumbai, CEO: Basant Jain) is a portfolio company of Mahindra Partners, the USD 1 billion private equity division of the USD 20.7 billion Mahindra Group. Mahindra Susten is the 'Cleantech' arm of the Mahindra group and offers diversified services within the renewables space.
A leading player in the Indian solar energy sector, with 3.2 GWp of total portfolio, 1.5 GWp executed to date and over 1.7 GWp under execution, Mahindra Susten's services spans across turnkey solar EPC services, including both utility scale solar and rooftop solar, solar DG hybrid solutions, solar products, solar car charging stations, telecom tower solarization, solar PV O&M and analytics, engineering services, energy management services and industrial construction solutions.
For more information, visit www.mahindrasusten.com