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Mahindra Susten

Mahindra Susten Private Limited is an Indian renewable energy company and a subsidiary of the Mahindra Group, focused on developing and managing solar power projects and sustainable energy solutions. Founded in 2010 and headquartered in Mumbai, it initially operated as Mahindra EPC Services Pvt. Ltd., providing engineering, procurement, and construction (EPC) services for solar installations, before evolving into a full-fledged renewable energy developer. The company offers a range of services, including EPC for on-grid and off-grid systems, project development for utility-scale plants, and for portfolios. It has also ventured into hybrid projects combining and wind, with its first such initiative—a 153 MW project (101 MW wind and 52 MW ) in —announced in 2024. As of 2025, Mahindra Susten has achieved an installed capacity of over 1.55 GWp across its (IPP) projects, primarily in , contributing to India's green energy transition. Looking ahead, Mahindra Susten plans to invest ₹21,000 (approximately $2.5 billion) over the next five years to develop an additional 5.4 GWp portfolio, incorporating and round-the-clock power supply solutions, while aiming to monetize assets through an (InvIT). In January 2025, it received approval from the (SBTi) for its near-term emissions reduction targets. Notable achievements include the appointment of Rao as MD & CEO in September 2025, securing financial closure for a 45 MW project in in October 2025, and a 280 MW supply agreement with Waaree Energies in 2024, underscoring its growing role in scaling India's . Additionally, the company supports skill development through its Centre of Excellence, launched in , which provides training in installation and maintenance to enhance workforce capabilities in the sector.

Company Overview

Founding and Structure

Mahindra Susten was founded in 2010 as Mahindra EPC Services Private Limited, a wholly owned of Limited, marking the Mahindra Group's entry into the sector with a focus on services for sustainable power solutions. In February 2015, the company underwent a and was renamed Mahindra Susten Private Limited to better align with its mission in clean energy; the name "Susten" is derived from "Sustainability + Enabler," underscoring its role in facilitating and . Headquartered in , , Mahindra Susten operates as a private subsidiary of the , benefiting from the conglomerate's extensive resources while maintaining specialized focus on renewables; as of 2017, it employed around 800 people; as of 2025, it employs 517 people, supporting operations with a global footprint through the Mahindra Group's presence in more than 100 countries, though its core activities remain centered in . In August 2025, Avinash Rao was appointed as Managing Director and CEO, effective September 2025. The company's core vision, established at inception, centers on delivering solutions tailored to evolving market needs, emphasizing in renewable assets to create long-term value for stakeholders and communities while advancing India's to clean power.

Business Areas and Services

Mahindra Susten specializes in solutions, delivering turnkey (EPC) services for photovoltaic projects and systems that integrate with . These services encompass full project lifecycle management, from site assessment and to installation and commissioning, targeting utility-scale and commercial applications to support India's decarbonization efforts. The company also provides Operations and Maintenance (O&M) services, covering preventive and corrective upkeep for its own projects as well as third-party assets owned by Independent Power Producers (IPPs) and developers. These O&M offerings include performance monitoring, equipment repairs, and vegetation management to maximize energy yield and asset reliability. Starting in 2024, Mahindra Susten shifted strategically from an EPC-focused approach to an model, emphasizing the development and ownership of renewable assets, with plans to monetize them via Infrastructure Investment Trusts (InvITs). In 2024, it listed the Infra Trust, transferring over 1.54 of assets into the InvIT to fund further expansion. Beyond core energy operations, Mahindra Susten extends services to solarization of towers, enabling diesel-free through integrated solar-diesel systems. It also runs skill development programs via its Centre of Excellence in , , training over 4,700 youth in solar PV installation and more than 10,000 in semi-skilled renewable trades, including O&M techniques. As of 2025, the company has executed over 4.2 GWp of renewable capacity globally, with over 1.6 GWp developed as owned IPP assets and nearly 3.6 GWp under development.

History

Establishment and Early Development (2010–2015)

Mahindra Susten was established in 2010 as Mahindra EPC Services Private Limited, a subsidiary of the Mahindra Group, initially focusing on engineering, procurement, and construction (EPC) services for solar photovoltaic (PV) projects targeting utility-scale, commercial, and industrial sectors in India. As one of the early entrants in the country's nascent renewable energy market, the company positioned itself to capitalize on the Jawaharlal Nehru National Solar Mission launched that year, emphasizing turnkey solutions for solar power development. In 2011, Mahindra EPC commenced its first solar installations, including a 2.05 thin-film project in , , marking the company's entry into operational project execution. The firm also received the CRISIL-MNRE SP1A rating, the highest grade for off-grid systems, underscoring its and financial credibility in the sector. These early efforts laid the groundwork for subsequent utility-scale endeavors, with the company diversifying into telecom tower solarization alongside core activities. The period from 2012 to 2013 saw Mahindra EPC commission several landmark projects that demonstrated its growing expertise. In 2012, it completed a 5 MW single-axis PV plant near , , for Mahindra Solar One, generating approximately 9.16 million units of electricity annually through optimized solar tracking technology. That same year, the company executed a 2 MW thin-film plant in . By 2013, achievements included a 20 MW thin-film plant near , , in partnership with PR Fonroche, which was recognized on the Ministry of New and Renewable Energy's merit list for timely completion under the ; a 30 MW thin-film plant near ; and a 3.18 installation for an auto components consortium in , the first such collaborative initiative among industry players to reduce carbon footprints. Mahindra EPC's performance earned it the Utility Solar EPC of the Year award from Bridge to in both 2014 and 2015, highlighting its leadership in executing large-scale projects amid rapid sector growth. On February 2, 2015, the company rebranded to Mahindra Susten, with "Susten" derived from "" and "enabler," to better reflect its commitment to comprehensive clean energy solutions.

Growth and Strategic Shift (2016–2025)

Following its in 2015, Mahindra Susten experienced significant scaling in its operations, expanding its project pipeline and venturing into international markets. In 2016, the company entered with a 1 MW PV learning center in in collaboration with local partner PS&S to demonstrate various technologies and support regional advisory efforts. This international foray complemented its domestic growth, building on prior executions to position Mahindra Susten as a key player in global renewables. In 2024, Mahindra Susten marked a strategic by entering the hybrid renewable energy segment with a 153 MW -wind in , comprising 101 MW wind capacity and 52 MW capacity, backed by an investment of ₹1,200 . The initiative aimed to generate approximately 460 million kWh of clean energy annually, abating around 420,000 tonnes of CO2 emissions and signaling a diversification beyond pure EPC services. The year 2025 brought further milestones in project development and leadership. Mahindra Susten achieved financial closure for a 45 MW solar project in , , supported by a ₹140 loan from , advancing its (IPP) capabilities. In April, it partnered with Swaraj Tractors to develop a 26 MW group captive solar project in , , to supply clean energy to four facilities, expected to generate 60 million kWh annually and offset 54,600 tonnes of CO2. Additionally, in August 2025, Avinash Rao was appointed as Managing Director and CEO, effective September 24, to lead the company's growth in renewables, storage, and integrated solutions. Mahindra Susten's transition to an model accelerated during this period, shifting from a primary focus on (EPC) to owning and operating assets. In December 2024, its near-term science-based targets for emissions reduction received approval from the (SBTi), with public announcement in January 2025, making it one of the early renewable IPPs in to achieve this validation, with commitments to cut Scope 1 and 2 GHG emissions by 51.8% by FY30 from an FY21 baseline. The company ranked among India's top 10 IPPs by awarded capacity in 2024 and advanced its Infrastructure Investment Trust (InvIT) from conceptualization to listing, enabling scaled of solar-wind hybrids and projects. This evolution underscored a broader emphasis on sustainable asset , with a development pipeline exceeding 3.6 GWp across multiple states by mid-2025.

Operations and Projects

Engineering, Procurement, and Construction (EPC)

Mahindra Susten provides comprehensive end-to-end (EPC) services for renewable energy projects, encompassing site assessment, detailed engineering design, procurement of solar modules and trackers, construction, and commissioning of solar and hybrid power plants. This integrated approach ensures seamless project execution, from initial feasibility studies and geotechnical surveys to the final grid synchronization, tailored to optimize performance and compliance with local regulations. The company demonstrates expertise in both distributed generation projects, such as rooftop and commercial installations, and large-scale utility projects, incorporating advanced technologies like single-axis solar trackers for enhanced energy yield and hybrid configurations that integrate wind components for diversified output. Mahindra Susten's EPC capabilities extend to customized solutions, including telecom tower solarization to replace diesel-powered systems with reliable photovoltaic setups, and captive projects like the 26 MW solar plant developed for Swaraj Tractors, which supplies clean energy to multiple manufacturing facilities in Punjab. With a proven track record of executing over 4.2 GWp of renewable globally, Mahindra Susten emphasizes efficiency through data-driven analysis, such as reviewing 7,137 line items across eight projects involving 2,290 unique materials to enable clustering, , and cost optimization. This focus on streamlined sourcing and minimizes delays and enhances project viability. The firm's global EPC footprint includes major initiatives in , alongside international efforts in —such as a 1 MW demonstration plant combining multiple technologies—and other regions like and . Following commissioning, Mahindra Susten transitions projects to operations and services to ensure long-term reliability, though the EPC phase prioritizes robust build quality for sustained .

Operations and Maintenance (O&M)

Mahindra Susten provides comprehensive operations and (O&M) services for its photovoltaic (PV) and hybrid renewable energy plants, encompassing preventive , , remote diagnostics, and corrective repairs to ensure long-term asset reliability and . These services focus on optimizing plant throughout the asset lifecycle, incorporating advanced practices such as robotic dry-cleaning systems for panels, which have saved approximately 67 million liters of annually across the . The company extends O&M services to third-party clients, including independent power producers (IPPs), developers, and utilities, while maintaining 100% coverage for its own operating to minimize downtime and maximize energy output. Key performance metrics underscore the effectiveness of these O&M efforts, with high plant uptime achieved through rigorous and protocols, alongside optimized energy yields that have collectively delivered 8.35 million units (MUs) of clean energy from FY16 to FY24. All operating assets received water-positive at the portfolio level in FY23, reflecting a 15x water recharge index by FY24 through integrated measures. As of 2025, Mahindra Susten manages O&M for over 1.6 GWp of operational capacity, primarily across and installations in . Integration of digital tools plays a central role in enhancing O&M efficiency, with data analytics and SCADA-based systems enabling , performance tracking, and risk mitigation. Platforms such as RE-DOMS for module traceability and Oorja Sattva for techno-commercial optimization support proactive interventions, reducing operational risks and boosting overall yield. These technologies facilitate seamless handover from (EPC) phases to sustained operations.

Key Solar Power Projects

Mahindra Susten has executed a diverse portfolio of projects in , encompassing both —such as rooftop and commercial installations—and utility-scale grid-connected plants, with a cumulative capacity exceeding 4 GWp. These initiatives span various technologies, including thin-film, polycrystalline, and bifacial modules, contributing significantly to 's transition. Among its notable utility-scale projects, Mahindra Susten developed a 33 MW thin-film (Cd-Te) plant near in under the (JNNSM) Phase 1 Batch II, completed in 128 days and generating approximately 48.79 million units annually. Similarly, a 23 MW project near in utilized thin-film technology, while a 5 MW single-axis tracker installation near maximized energy yield through advanced tracking systems, producing about 9.16 million units per year. More recently, the company commissioned a 175 MW AC bifacial module-based solar project in district's Kolayat area in 2022, spread over 900 acres and supplying power to the (SECI) under a 25-year at ₹2.54/kWh; this forms part of a larger 250 MW initiative. Other significant utility-scale efforts include a 334.88 MWp plant commissioned in May 2022 for SECI, as well as 50 MW parks in Waddekothapally and , both in . In the distributed segment, Mahindra Susten has focused on captive and group captive solutions, including a 2 MW polycrystalline plant with single-axis trackers at in under JNNSM Phase 1 Batch 1, generating around 9.16 million units annually and marking one of the state's early megawatt-scale installations. Recent developments include financial closure in October 2025 for a 45 MW project in , , backed by a ₹1.4 billion loan from , and a 26 MW group captive installation in for Swaraj Tractors' manufacturing facilities in and , aimed at scaling the company's usage to 50%. These distributed projects emphasize on-site generation for and users, reducing reliance on grid power. The environmental impact of these projects is substantial, with solar installations enabling significant CO2 abatement; for instance, the 26 MW captive project is projected to reduce emissions by 54,600 tonnes annually, equivalent to powering thousands of green households. Overall, Mahindra Susten's portfolio has offset millions of tonnes of CO2 across its operations, supporting broader sustainability goals. Internationally, the company has undertaken projects in totaling around 7 MWp, including services for diverse configurations as part of regional expansion efforts. Some projects incorporate the company's proprietary single-axis (MSAT100) to enhance efficiency.

Hybrid and Wind Projects

Mahindra Susten entered the hybrid renewable energy segment in 2024 with a 153 MW co-located - project in , comprising 101 MW of capacity and 52 MW of capacity, expected to be commissioned by 2026. The project, valued at approximately ₹1,200 , is expected to generate around 460 million kWh of energy annually and abate about 420,000 tonnes of CO2 emissions each year. This initiative marks the company's first venture into , expanding beyond its traditional focus through an (IPP) model where assets are owned and operated for offtake by commercial and industrial consumers, including Mahindra Group's automotive and farm equipment divisions. The development approach emphasizes IPP-owned assets to ensure stable revenue streams via long-term purchase agreements with group entities and external industrial clients. Future pipelines incorporate solutions to enhance stability and dispatchability in configurations, aligning with broader renewable strategies. The 101 MW wind component, sourced from suppliers like for turbine installation, represents Mahindra Susten's initial step into wind-specific development, leveraging complementary wind resources in to optimize and energy yield in setups. As part of its expansion, Mahindra Susten plans to scale solar-wind hybrids and storage-integrated projects within a 3.6 GWp development pipeline as of 2025, targeting the development of over 5.4 GWp of over the next five years. This diversification supports the company's shift toward an IPP-centric model and contributes to the Mahindra Group's overarching objectives, including carbon neutrality targets.

Products and Innovations

Single-Axis Solar Tracker (MSAT100)

The MSAT100 is an indigenously developed single-axis by Mahindra Susten, designed specifically for photovoltaic () modules to enhance energy capture by following the sun's east-west path throughout the day. This horizontal single-axis system adopts a row-based , allowing for scalable deployment in utility-scale installations while maintaining the simplicity of fixed-tilt mounting. Key features include a plug-and-play installation process that eliminates the need for on-site , enabling faster setup and reduced labor costs. The tracker supports flexible array layouts accommodating up to 60 or 63 modules per row, with options for customization based on profiles, making it adaptable to diverse conditions. In terms of performance, the MSAT100 boosts energy yield by approximately 24% over conventional fixed-tilt systems, particularly in high-insolation regions where is intense. This improvement stems from its precise tracking mechanism, which minimizes cosine losses and maximizes direct beam exposure on panels. Compatibility extends to both and thin-film modules, broadening its applicability across various technologies. The MSAT100 has been deployed in notable applications, such as the 5 MW solar plant near , , which marked one of 's early adopters of tracker technology and demonstrated enhanced output in arid, high-radiation environments like the region. Its advantages include cost-effectiveness through localized manufacturing and low maintenance requirements, with robust construction to withstand wind speeds up to 165 km/hr and minimal component wear from environmental stressors. To date, over 500 trackers have been supplied, contributing to more than 226 MW of installed capacity across sites in (including , , and ) and , representing approximately 15% of Mahindra Susten's overall solar project portfolio as of 2024.

Other Technological Developments

Mahindra Susten has developed operations and (O&M) tools to enhance the of and plants. The company's RE-DOMS platform enables module throughout project phases, facilitating efficient monitoring and issue resolution. Additionally, SCADA-based and systems are employed to identify potential failures proactively, minimizing downtime and optimizing energy output through acquisition via IT-enabled platforms. These tools support monthly validations and third-party assurances to reduce energy losses and maximize generation efficiency. In , Mahindra Susten applies clustering algorithms to optimize usage across projects, analyzing 2,290 unique to streamline supply chains. This approach has reduced delivery timelines by 20% and design time by 100% for 29 stock-keeping units (SKUs), while also minimizing consumption in mounting structures through tunnel-based designs. The company emphasizes local sourcing, achieving 100% domestic for components and spending ₹244.459 in FY25 to support sustainable supply practices. For skill development, Mahindra Susten offers comprehensive programs utilizing (VR) and simulations to build expertise in installation, with a focus on safety and hands-on proficiency. These initiatives target rural and urban youth, including women, through programs like Surya , achieving a 90% placement rate for participants. In FY25, the programs trained over 5,800 technicians, including 243 women, addressing skill gaps in the renewable sector. In emerging areas, Mahindra Susten is advancing integration for systems to ensure reliability amid climate variability, exemplified by the deployment of a 15 MWh battery system (BESS) at the Sun Temple project. The company contributes to group-wide transition technologies, including an approximately 150 MW - project in comprising 101 MW and 52 MW capacity. Innovations such as robotic dry-cleaning systems for modules further support and cost reduction in operations. The Centre of Excellence, located in , , serves as a hub for skill development and received a 5-star rating from the National Skill Development Corporation in 2025. Established in 2017, it has trained over 10,000 individuals in solar technologies and semi-skilled trades since inception, fostering leadership in the energy sector through hands-on workshops and collaborative programs.

Sustainability and Achievements

Environmental Commitments and Goals

Mahindra Susten received approval from the (SBTi) in December 2024 for its near-term science-based emissions reduction targets, committing to a 51.8% absolute reduction in Scope 1 and 2 by 2030, using 2021 as the base year. The company aligns its broader environmental goals with the Mahindra Group's commitments, targeting carbon neutrality across Scopes 1 and 2 by 2040 while pursuing an accelerated net-zero ambition by 2030 for its own operations. To support this, Mahindra Susten aims to transition 100% of its operations to by fiscal year 2027, contributing to the group's overall decarbonization strategy through expanded clean energy deployment. In water management, Mahindra Susten achieved for 100% water positivity across its operating portfolio in fiscal year 2023, as verified by TUV with a Index score of 15, reflecting significant recharge efforts exceeding consumption. Aligned with group targets, the company pursues to certification for all sites by 2030, having already attained 100% advanced to status for its facilities in fiscal year 2024 and aiming for full project-level compliance by fiscal year 2026. Mahindra Susten's initiatives drive substantial CO2 abatement, with its hybrid projects—such as the 150 MW solar-wind installation—expected to offset over 420,000 tonnes of CO2 emissions annually. Across its executed portfolio of over 4.2 GWp, the company has cumulatively avoided 7.77 million tonnes of CO2 equivalent emissions from fiscal year 2016 to 2024, including 2.23 million tonnes in fiscal year 2024 alone. Community environmental efforts include participation in Project Hariyali, through which Mahindra Susten has planted over 1,800 trees, offsetting approximately 153,000 tonnes of CO2 equivalent. The company also supports volunteer programs that engage employees in sustainability activities, such as beach cleanups and drives, benefiting over 30,000 community members in 2024.

Awards and Recognitions

Mahindra Susten has received several accolades for its early contributions to () services. In 2014 and 2015, the company was awarded Utility Solar EPC of the Year by Bridge to India, recognizing its leadership in large-scale project development during the nascent phase of 's industry. The company earned the highest CRISIL-MNRE rating of SP1A in 2011 for its off-grid photovoltaic systems, affirming its technical and financial reliability as a system integrator. In recent years, Mahindra Susten has been honored for sustainability and skill development initiatives. Its Centre of Excellence received a 5-star rating from Skill India under the Ministry of Skill Development and Entrepreneurship in May 2024, highlighting excellence in renewable energy training programs. The company achieved Water Positive Verification for its entire operating portfolio in FY23, as certified by TÜV SÜD, with a Water Footprint Index score of 15 (positive), demonstrating replenishment exceeding consumption through measures like dry cleaning systems and rainwater harvesting. At the group level, Mahindra Susten contributed to the Mahindra Group's Most Sustainable Organisation Award 2024 by Times Now, organized by the Global Sustainability Alliance, underscoring its role in advancing the group's ESG commitments. In April 2025, Mahindra Susten won the Sustainability RISE Award 2025 for its commitment to Planet Positive initiatives. As an (IPP), Mahindra Susten joined an elite group as the fourth renewable IPP in with (SBTi)-approved near-term emissions reduction targets in December 2024, committing to a 51.8% absolute reduction in Scope 1 and 2 GHG emissions by FY30 from a FY21 base year. It also ranked among the top 10 IPPs in by awarded capacity for projects won in 2024. Mahindra Susten's renewable portfolio has bolstered the Mahindra Group's rankings, including placement in the top 1% of companies in S&P Global's 2025 Sustainability Yearbook, through its development of over 4.2 GWp in executed renewable projects and 1.55 GWp operational capacity. In FY24, this portfolio generated 2.4 million MWh of clean , avoiding 2.23 million tonnes of CO2 equivalent emissions.

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