Mahindra Susten, the clean-tech arm of the Mahindra Group, has achieved financial closure for its 150.8 MW hybrid renewable energy project being developed under the group captive offtake arrangement in Maharashtra.

The project secured financing of ₹8.75 billion (~$91.51 million) from Export Import Bank of India under its Sustainable Finance Program.

Gelos Solren, a subsidiary of Mahindra Susten, will execute the hybrid project.

The development comes months after Mahindra Susten achieved financial closure for NHPC’s 300 MW renewable energy project in Rajasthan. The project, developed by subsidiary Hazel Hybren secured ₹10.25 billion (~$111.32 million) in financing from HDFC Bank. In October 2025, the independent power producer secured financing from the Export Import Bank of India for its 45 MW solar power project in Bathinda, Punjab.

In 2025, Mahindra Susten commissioned 560 MW of utility-scale solar capacity, comprising two projects of 280 MW each, in Gujarat and Rajasthan.

The projects represent the first batch of assets the company developed and commissioned after selling 1.54 GW of renewable assets in 2024 to Sustainable Energy Infra Trust, an infrastructure investment trust co-sponsored by Mahindra Susten, in line with its capital-light business strategy. The two solar projects supply power to utilities in Gujarat and Rajasthan under 25-year power purchase agreements.

Mahindra Susten has developed 1.5 GW of IPP renewable assets and is developing 1.9 GW of projects. It has also executed 4.2 GW of renewable energy projects in the engineering, procurement and construction mode in India and across the globe.

Global solar companies raised $16.9 billion in corporate funding during the first half (1H) of 2026, a 56% year-over-year increase from $10.8 billion, according to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report. The number of corporate funding deals increased by 23%, from 78 in 1H 2025 to 96 in 1H 2026.