Mahindra & Mahindra Group said this week that it will install a 150 MW hybrid solar-wind project in India. It said that its renewables division, Mahindra Susten, will develop the INR 12 billion project, with Canada's Ontario Teachers' Pension Plan serving as a strategic investment partner.

The installation will include 101 MW of wind capacity and 52 MW of solar capacity. It is expected to generate 460 million kWh of energy, leading to the expected reduction of 420,000 tons of CO2 emissions.

The project marks Mahindra Susten’s first foray into the “hybrid renewables” segment and will be one of the largest solar-wind hybrid projects to deliver clean energy to C&I customers in the Indian state of Maharashtra. It will be commissioned within the next two years and will feature more than 80% locally manufactured components.

Mahindra & Mahindra Group's automotive and farm equipment businesses has contracted 41.2 MW of wind capacity and 25.9 MW of solar from the planned project. The installation is expected to increase the group's renewables share from 34% in fiscal 2023 to 60% in fiscal 2026.