Mahindra Susten Private Limited, a prominent Independent Power Producer (IPP) and subsidiary of the Mahindra Group, has clinched the title of the lowest bidder for a substantial 300 MW solar project in the NTPC 1500 MW Solar Tender bid. The achievement follows a rigorous competitive bidding process culminating in an e-reverse auction conducted by the National Thermal Power Corporation (NTPC) on March 18.

In this significant development, Mahindra Susten secured a project capacity of 300 MW at a quoted tariff of 2.59, with NTPC Limited as the off-taker. As part of the agreement, NTPC is poised to formalize a 25-year Power Purchase Agreement with Furies Solren Private Limited, a Special Purpose Vehicle (SPV) of Mahindra Susten. The project is slated for completion within a timeline of 24 months.

This win marks Mahindra Susten’s fifth successful bid within the fiscal year, consolidating its aggregated underdevelopment capacity to over 2 GWp. It solidifies the company’s stature as a significant contributor to India’s decarbonization efforts, showcasing its unwavering commitment to reimagining clean energy and empowering lives.

Deepak Thakur, Managing Director & CEO of Mahindra Susten, expressed his sentiments regarding the accomplishment, stating, “In this fiscal year, Mahindra Susten has demonstrated a consistent commitment to its core purpose, achieving several strategic milestones. Our latest project win not only reinforces our dedication to fueling ‘Atmanirbhar Bharat’ with clean, sustainable energy but also signifies another remarkable stride in our growth trajectory. We are eager about the prospects ahead as we diversify our portfolio and continue contributing to a sustainable future.”