Mahindra Susten will continue to hold 51 per cent stake in Marvel Solren Pvt Ltd with Mitsui holding the balance equity. Marvel will be engaged in the development of multiple grids connected and distributed projects.
It currently operates four distributed solar projects in India with a combined capacity of 16 megawatts that help private clients reduce their carbon footprint by providing renewable energy through long-term power purchase agreements of 10 to 25 years.
Compared to power generated through an average Indian coal-fired power plant, the four projects can collectively reduce carbon emissions by about 20,000 tonnes per year and will contribute to the government's renewable energy targets.
"This collaboration between two leading groups will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India's ambitious renewable energy targets," said Mahindra Susten's CEO Basant Jain.
Kazumasa Nakai, CEO of Mitsui's Infrastructure Projects Business, said: "We are delighted to partner with Mahindra Susten and contribute to India's shift to a low-carbon society. Utilising Mitsui's global network, together we aim to expand the business to 150 megawatts by 2023."
Mahindra Susten's services span across turnkey solar engineering, procurement and construction services, including both utility-scale solar and rooftop solar.