India's Mahindra to invest nearly $150 million in renewable energy projects

BENGALURU (Reuters) - Tech-to-tractor conglomerate Mahindra Group will invest 12 billion rupees (about $144 million) to set up solar and wind energy projects of 150 megawatt (MW) hybrid capacity in India, it said on Monday.

The projects will be developed by the group's renewable energy unit Mahindra Susten with Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds, as its strategic partner.

Mahindra & Mahindra will also acquire a 26% stake in its solar power generating unit Gelos Solren for $4.8 million, taking the combined investment to nearly $150 million.

India, the world's third-largest greenhouse gas emitter, is currently trying to boost its non-fossil capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030 after missing its target to install 175 GW of renewable capacity by 2022.

The Mahindra Group aims to adopt 100% renewable energy by 2030.

Wind power was used for nearly two-thirds of Mahindra & Mahindra's power needs, according to its 2022-23 annual report.

($1 = 83.4341 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)