Mahindra Susten
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.
- Company typePrivate
- Founded2010
- HeadquartersMumbai, India
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
Mahindra Susten firmographics
Firmographics- 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
Mahindra Susten industry classification
Industry- 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
Where Mahindra Susten is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices6 records
Markets served
Mahindra Susten business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- 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.
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | GUVNL 200 MW Solar Project tariff |
| Unit Pricing | Multi-year contract | NTPC 300 MW Solar Project tariff |
| Subscription | Multi-year contract | Commercial & Industrial (C&I) Solar tariff |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels9 records
Mahindra Susten product offering
Product offeringCore 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
Companies that use Mahindra Susten
Customer profileNamed customers11 records
Segments3 records
Ideal customer profiles3 records
Mahindra Susten technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Mahindra Susten partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor, flagship, core and major.
- Neon Hybren Private LimitedminorMahindra 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)flagshipSwaraj 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 LimitedcoreMahindra Teqo provides solar plant operations and maintenance services and technical expertise for Susten's projects. Serves as sister concern within Mahindra Group ecosystem.
- NHPC LimitedmajorMahindra 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)majorGPCL 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 InnovationminorNGO 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
Mahindra Susten competitors and assessment
Company assessmentDirect 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
Mahindra Susten social profiles
Digital presenceMahindra Susten compliance and trust
Trust signalCompliance5 records
Mahindra Susten financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mahindra Susten leadership team
Management profileNumber of profiles
Profiles3 records
Mahindra Susten subsidiaries and ownership
Company hierarchySubsidiaries3 records
Mahindra Susten funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mahindra Susten M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mahindra Susten
What does Mahindra Susten do?
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.
Is Mahindra Susten a public or private company?
Mahindra Susten is a private company. It is classified as corporate owned and is currently operating.
When was Mahindra Susten founded?
Mahindra Susten was founded in 2010. It employs 101 to 250 people.
Where is Mahindra Susten based?
Mahindra Susten is headquartered in Mumbai, India, in the Asia region.
How does Mahindra Susten make money?
Four revenue lines are on record. Independent Power Producer (IPP) Revenue is the primary driver. The others are EPC Services, commercial & Industrial (C&I) Solar Solutions and capital-Light Business Model / InvIT.
Who are Mahindra Susten's main competitors?
Direct peers on record are Adani Green Energy, Tata Power Renewable Energy, ReNew Power, Azure Power, Greenko Group, ACME Solar Holdings and Hero Future Energies. Broad incumbents are JSW Energy and Reliance New Energy / Reliance Industries (Renewables). Fourth Partner Energy (now Gentari/Actis) is listed as an emerging player.
Does Mahindra Susten have an API?
No public API is recorded for Mahindra Susten.
What industry is Mahindra Susten in?
Mahindra Susten's product category is Renewable Energy / Utility-Scale Solar IPP. Its primary akta.pro industry code is EUAMABAA, Solar Project Development & IPP (Utility-Scale & Rooftop), with a secondary code of EUACAGAB, Utility-Scale PV EPC (Engineering, Procurement & Construction). Its NAICS code is 221114 and its SIC code is 4991.