Mahindra Susten, the clean-tech platform of the Mahindra Group, has achieved financial closure for NHPC’s 300 MW renewable energy project in Rajasthan. The project, developed by Hazel Hybren, a wholly owned subsidiary of Mahindra Susten, secured ₹10.25 billion (~$111.32 million) in financing from HDFC Bank.

The project, which will supply power to NHPC, can now move into the next phase of development.

Mahindra Susten continues to expand its renewable portfolio across solar, wind, and hybrid projects to support India’s energy transition.

The company successfully commissioned 560 MW of solar capacity in 2025. These large utility-scale solar power projects mark the first batch of assets developed and commissioned by the company following the sale of 1.54 GW of assets to Sustainable Energy Infra Trust, an infrastructure investment trust co-sponsored by Mahindra Susten, as part of its efficient, capital-light business model in 2024.

The portfolio addition included two strategically located 280 MW solar projects, one in Gujarat and the other in Rajasthan. Both projects operate under 25-year long-term power purchase agreements, supplying electricity to Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam, respectively.

In addition to the 560 MW commissioned across Gujarat and Rajasthan, Mahindra Susten is continuing to strengthen its renewable energy portfolio. The company is currently developing several large-scale renewable projects in Maharashtra, Punjab, Rajasthan, and Karnataka.

Last October, the company achieved financial closure for its 45 MW solar power project in Bathinda, Punjab. The project, developed by its subsidiary Neon Hybren, secured ₹1.4 billion (~$15.78 million) in financing from the Export-Import Bank of India under its sustainable finance program.

In March 2025, Mahindra Susten’s subsidiary Illuminate Hybren won a capacity of 240 MW in NHPC’s auction to set up 1,200 MW interstate transmission system-connected wind-solar hybrid power projects with or without energy storage (Tranche -X), quoting a tariff of ₹3.41 (~$0.0391)/kWh.