Mahindra Susten, the clean-tech arm of the Mahindra Group, has achieved financial closure for its 45 MW solar power project in Bathinda, Punjab. The project, developed by Neon Hybren, a wholly-owned subsidiary of Mahindra Susten, secured financing of ₹1.4 billion (~$15.78 million) from the Export-Import Bank of India under Exim Bank’s sustainable finance program.

The solar project has a power purchase agreement with Swaraj Tractors, a part of the Mahindra Group’s farm equipment division, which announced it would source renewable energy from Mahindra Susten’s 26 MW group captive solar project in Punjab.

By leveraging sustainable finance mechanisms and strategic partnerships within the Mahindra Group, the company aims to continue driving scalable and environmentally responsible energy projects.

Established in 2010, Mahindra Susten has developed over 1.5 GW of independent power producer (IPP) renewable energy assets and is developing an additional 1.9 GW of IPP projects.

It has also executed over 4.2 GW of renewable energy projects as an engineering, procurement, and construction contractor (EPC) across India and internationally. Its portfolio includes more than 3.9 GW of operational IPP assets, and six projects under development.

In March this year, Illuminate Hybren emerged as one of the winners in NHPC’s auction to set up 1,200 MW ind-solar hybrid power projects with or without energy storage (Tranche -X). The company won a capacity of 240 MW at a tariff of ₹3.41 (~$0.0391)/kWh.

Last December, Illuminate Hybren also won the NTPC’s auction to set up 1,200 MW solar power projects. It won a capacity of 120 MW at ₹2.60 (~$0.0306)/kWh.

In the same month, Mahindra Susten secured a financing deal worth ₹14.48 billion (~$170.6 million) with HDFC Bank and Axis Bank for its 560 MW solar projects in Gujarat and Rajasthan. The funding will facilitate the construction of these projects under long-term power purchase agreements with Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam.