Mahindra to invest Rs. 1000 Crs in solar projects….

Mahindra Solar One, a Joint Venture between the Mahindra Group and Kiran Energy, is planning to invest around Rs. 1,000 crore in solar power generation to build a capacity of 100 megawatts over the next two years, continuing the trend of large business houses investing heavily in the sector.

 
As per the Vice-chairman and MD of Mahindra & Mahindra, Mahindra Solar One is targeting to become among the top three players in the solar industry in next five year’s time.

 

India's solar energy sector has attracted several last business groups such as the Tatas, Anil Ambani's Reliance Power, GMR and the Adani group, which last week commissioned India's biggest solar unit to generate 40 mw.

 

M&M has forayed into the renewable space through Mahindra Cleantech Ventures, which has set up three divisions - Mahindra Solar for power generation, Mahindra EPC for engineering of solar projects and Mahindra Off-grid solutions that offers rooftop setups for solar power generation.

 

Foreign companies are also bidding for projects as India aims to scale up its solar power generation capacity to 20,000 mw by 2020 from around 250 mw now.

M&M has recently commissioned its first grid-connected solar power unit of 5 MW in Rajasthan.