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Mahindra Susten Secures ?10.25 Billion Financing for 300 MW Renewable Energy Project in Rajasthan

Mahindra Susten has achieved financial closure of Rs 10.25 billion (about $111 million) for a 300 MW renewable energy project in Rajasthan, marking a key step toward advancing the project’s development. The financing has been provided by HDFC Bank.

The project is being developed by Hazel Hybren, a wholly owned subsidiary of Mahindra Susten, and will supply electricity to NHPC. With the financial closure completed, the project is now positioned to move into the next phase of development and implementation.

Mahindra Susten continues to expand its renewable portfolio across solar, wind, and hybrid energy projects, supporting India’s broader energy transition. In 2025, the company commissioned 560 MW of solar capacity, representing the first batch of large-scale solar assets developed after the sale of 1.54 GW of renewable assets to Sustainable Energy Infra Trust, an infrastructure investment trust co-sponsored by Mahindra Susten.

The newly commissioned portfolio included two 280 MW solar projects located in Gujarat and Rajasthan. These projects operate under 25-year power purchase agreements (PPAs), supplying electricity to Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam, respectively.

Beyond the recently commissioned capacity, Mahindra Susten is currently developing several large-scale renewable projects across Maharashtra, Punjab, Rajasthan, and Karnataka, further strengthening its renewable energy portfolio.

In October last year, the company also achieved financial closure for a 45 MW solar power project in Bathinda, developed by its subsidiary Neon Hybren. The project secured Rs 1.4 billion in financing from the Export-Import Bank of India under its sustainable finance programme.

Additionally, in March 2025, Mahindra Susten’s subsidiary Illuminate Hybren won 240 MW capacity in an auction conducted by NHPC for 1,200 MW interstate transmission system (ISTS)-connected wind-solar hybrid projects, quoting a tariff of Rs 3.41 per kWh.

The latest financing underscores Mahindra Susten’s strategy to scale renewable energy capacity through diversified projects and strategic financial partnerships, supporting India’s transition toward cleaner and more sustainable power generation.