Mahindra Susten

What Mahindra Susten does

Mahindra Susten Private Limited is the cleantech arm of the Mahindra Group and one of India's leading utility-scale renewable energy Independent Power Producers (IPPs). Founded in 2010 and headquartered in Mumbai, the company develops, owns, and operates solar, wind-solar hybrid, and battery energy storage projects, with 2.1 GWp of executed IPP capacity, 560 MWp commissioned in CY2025, and a 3 GWp development pipeline targeting 7 GWp+ in partnership with Ontario Teachers' Pension Plan. Its operational footprint spans Gujarat, Rajasthan, Madhya Pradesh, Telangana, Andhra Pradesh, Punjab, and Maharashtra.

The business operates four interlocking revenue streams: (1) long-term IPP electricity sales under 25-year Power Purchase Agreements with state utilities (GUVNL, RUVNL) and central entities (SECI, NTPC, NHPC) at tariffs won through competitive e-reverse auctions (INR 2.59-2.72/kWh); (2) in-house Engineering, Procurement and Construction services for solar projects; (3) asset management and operations & maintenance via subsidiary Mahindra Teqo; and (4) capital recycling through co-sponsorship of India's largest pure-play renewable energy InvIT (Sustainable Energy Infra Trust), to which 1.54 GWp of operational assets were sold in 2024. The C&I segment is anchored by a 26 MW group captive project with Swaraj Tractors in Punjab.

The technology stack deploys N-Type TOPCon bifacial modules, integrated BESS (notably the 19 MWh system at the Modhera 24/7 solar village project), and a proprietary autonomous dry-cleaning robotic system that covers 63% of the operating portfolio and saves approximately 67 million litres of water annually. Notable engineering innovations include an all-terrain cable tray designed for rocky-terrain project sites (Rewa) and a 12.5 MWp cluster sizing approach for ISTS-1. The company holds SBTi validation (51.8% Scope 1 & 2 reduction by FY30), TUV India Water Positive and Zero-Waste-to-Landfill certifications, and operates a Centre of Excellence in Karjat that has trained over 4,700 technicians in renewable energy skills.

Name

Mahindra Susten

Legal name

Mahindra Susten Private Limited

Website

https://mahindrasusten.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Mahindra Susten is the Mahindra Group's cleantech arm and a top-five Indian utility-scale solar IPP, developing, owning, and operating solar, wind-solar hybrid, and BESS projects under 25-year PPAs with government utilities and central entities, alongside EPC services and asset management.

Ownership category

akta.pro rank

Product category

Renewable Energy / Utility-Scale Solar IPP

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Utility-Scale Power Generation Asset Management (EUAEAMAA), Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ)

Keywords

• Utility-scale solar
• Renewable energy IPP
• Solar EPC services
• Battery energy storage
• Solar asset management

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Independent Power Producer (IPP) Revenue: Mahindra Susten develops, owns, and operates utility-scale solar and renewable energy projects, selling power under 25-year Power Purchase Agreements (PPAs) to state utilities (GUVNL, RUVNL) and central entities (SECI, NTPC). Revenue is generated from electricity sales at contracted tariffs over the PPA duration.
2. EPC Services: In-house Engineering, Procurement, and Construction services for renewable energy projects. EPC is executed by Susten's own team, providing integrated project delivery capabilities.
3. Commercial & Industrial (C&I) Solar Solutions: Group captive and open access solar projects for commercial and industrial customers, such as the 26 MW project for Swaraj Tractors in Punjab, supplying clean energy to manufacturing facilities.
4. Capital-Light Business Model / InvIT: Sale of operational assets to Sustainable Energy Infra Trust (InvIT) as part of capital-light strategy, while retaining co-sponsorship and asset management responsibilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels9 records

Core offering

Mahindra Susten develops, owns and operates utility-scale solar and renewable energy power projects under long-term (25-year) Power Purchase Agreements with Indian state utilities and central government entities, while also providing in-house Engineering, Procurement and Construction (EPC) services, asset management and group captive / open-access solar solutions for commercial and industrial customers. Its portfolio includes solar PV, wind-solar hybrid, and battery energy storage systems, with over 1.5 GWp of developed operational capacity and a 3+ GWp development pipeline targeting a 7 GWp+ portfolio.

Product overview

Mahindra Susten is the 'Cleantech' arm of the Mahindra Group and a leading Independent Power Producer (IPP) in India, offering diversified renewable energy services since 2010. The company operates a comprehensive platform combining: (1) Utility-Scale Solar Projects - large solar installations (200-560 MWp) under long-term PPAs with state utilities; (2) EPC Services - in-house engineering, procurement, and construction capabilities for solar projects; (3) Asset Management - operations and maintenance through subsidiary Mahindra Teqo Private Limited; (4) Battery Energy Storage Systems (BESS) and Hybrid Solutions; (5) Commercial & Industrial (C&I) Solar Solutions including rooftop solar, carports, and group captive projects. The portfolio spans over 2.1 GWp of executed IPP capacity with approximately 3 GWp development pipeline across solar, wind, and hybrid technologies. Key projects include the Modhera Solar Project (India's first 24x7 solar village with 19 MWh BESS), 560 MWp Gujarat/Rajasthan projects, and various C&I installations. The company also operates a Centre of Excellence in Karjat for workforce training and runs community programs in education and healthcare.

Differentiator

Problem solved

Functional benefit

Brands

• Brightsolar: First project development under Susten IPP division - solar project in Andhra Pradesh
• Neo Solren
• Astra Charanka
• Susten Centre of Excellence

Products and services

• Utility-Scale Solar Projects

Quantifiable outcome

• 67 million litres water conserved annually through dry-cleaning robots
• +5 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor, flagship, core and major.

• Neon Hybren Private LimitedminorStrategic or Co-development Partner · 9 April 2026Mahindra Group approved acquisition of 26% stake in Neon Hybren for Rs 11.17 crore (~$1.3 million) as part of group captive solar power project. Neon Hybren is developing 30 MW AC grid-connected photovoltaic ground-mounted solar project in Punjab for M&M's captive consumption.
• Swaraj Tractors (Mahindra Group)flagshipStrategic or Co-development Partner · 2 April 2025Swaraj Tractors partnered with Mahindra Susten to develop Punjab's largest solar group captive project - a 26 MW installation in Bathinda district. Project supplies clean energy to four Swaraj manufacturing facilities in Mohali and Dera Bassi, aiming to scale Swaraj's renewable energy share to 50%.
• Mahindra Teqo Private LimitedcoreTechnology or IntegrationMahindra Teqo provides solar plant operations and maintenance services and technical expertise for Susten's projects. Serves as sister concern within Mahindra Group ecosystem.
• NHPC LimitedmajorStrategic or Co-development PartnerMahindra Susten achieved financial closure for NHPC's 300 MW renewable energy project in Rajasthan, expanding its project portfolio under NHPC tender.
• Gujarat Power Corporation Limited (GPCL)majorImplementation/ SI/ Consulting PartnerGPCL awarded Modhera Solar Project to Mahindra Susten as EPC and O&M contractor. Project includes 6 MW grid-connected PV with 19 MWh BESS, making Modhera India's first 24/7 solar-powered village.
• Ennoble Social InnovationminorImplementation/ SI/ Consulting PartnerNGO partner supporting implementation of STEAM Lab development initiatives for social impact programs, including deployment of Associate Instructors for educational activities.

Scale indicators16 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Adani Green Energy: India's largest utility-scale renewable IPP with multi-GWp solar, wind, and hybrid portfolios. Directly comparable as a competing bidder in GUVNL, RUVNL, SECI, and NTPC tenders and as a co-owner of India's leading renewable energy InvITs.
• Tata Power Renewable Energy: Tata Power's renewable energy arm operates utility-scale solar and wind farms across India under long-term PPAs. Comparable on customer base (state DISCOMs, central entities), EPC and asset management scope, and use of an InvIT-style capital recycling structure.
• ReNew Power: One of India's largest renewable IPPs with utility-scale solar and wind assets and a similar capital-light structure including an InvIT. Directly competes in the same government tenders and has comparable exposure to 25-year PPAs and merchant power markets.
• Azure Power: India-focused utility-scale solar IPP historically listed on the NYSE and now private; competes head-to-head in central and state solar tenders and operates under similar 25-year PPA structures. Useful peer for unit-economics and tariff benchmarking.
• Greenko Group: Large India-headquartered renewable IPP with significant solar, wind, and pumped-storage hydro assets and an InvIT (Green Energy Infra). Comparable as a capital-light renewable platform pursuing multi-GWp scale and BESS/grid-services upside.
• ACME Solar Holdings: India-based utility-scale solar IPP with comparable project scale, PPA structures with state utilities, and an in-house EPC arm. Directly competes in GUVNL, SECI, and NTPC solar auctions.
• Hero Future Energies: Indian renewable IPP and EPC provider developing utility-scale solar, wind, and hybrid projects under long-term PPAs. Comparable in target customers, project geographies, and EPC-plus-IPP business model.

Broad incumbents

• JSW Energy: Indian conglomerate-affiliated power producer that has expanded aggressively into utility-scale renewables, including solar and hybrid projects. Comparable as a multi-GWp renewable IPP bidder and a broad incumbent in India's energy transition.
• Reliance New Energy / Reliance Industries (Renewables): Reliance Industries has committed billions to a fully integrated renewable energy value chain (modules, electrolysers, batteries, generation). A broad incumbent that increasingly competes for utility-scale solar tenders and could compress returns or acquire smaller IPPs.

Emerging players

• Fourth Partner Energy (now Gentari/Actis): India-focused C&I and distributed solar developer now part of Gentari/Actis. Comparable as a C&I solar channel partner and overlapping with Mahindra Susten's group-captive and open-access solar offering for large commercial customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mahindrasusten
• YouTubeyoutube.com/channel/UCvGPlV3CKKtDB43ypACqmZA
• Facebookfacebook.com/MahindraSusten
• LinkedInlinkedin.com/company/mahindra-susten
• Instagraminstagram.com/mahindrasusten

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mahindra Susten