Mitsui To Partner With Indian Company For Distributed Solar Projects

Indian solar EPC company Mahindra Susten has gotten a significant boost in its efforts to broaden its footprint in the distributed solar market with a fresh financial investment from a foreign business.
Mahindra Susten subsidiary Marvel Solren has received equity investment from Japans Mitsui & & Co. Mahindra Susten has offered a 49% stake in Marvel Solren, which is engaged in the development of dispersed solar energy projects for commercial and business facilities in India.
Marvel Solren presently runs four dispersed solar energy projects across India with a combined set up capability of 16 megawatts. Mitsui is anticipated to stay extremely engaged with the joint venture in order to acquire additional market share in the distributed solar sector. Marvel Solren intends to have provided a cumulative capability of 150 megawatts by 2023.
India has lagged behind in the growth of dispersed solar power market. Since 30 April 2019, just 916 megawatts of distributed solar power capability was functional, compared to more than 28.6 gigawatts of grid-connected solar energy capacity. Projects operational at business and commercial developed are much less.
Lots of companies are looking to set up solar generation systems at their properties in order to lower dependence power from circulation energies for supply, save on their energy bills and satisfy their Renewable Purchase Obligation (RPO).
Mitsuis Infrastructure Projects Business Chief Operating Officer also showed that the joint endeavor company may look to expand its footprint in other nations as well with the assistance of Mitsuis international network. India in itself represents a big market for business like Marvel Solren that target corporates eager to change to eco-friendly energy sources. According to a current research study published by the WWF India, 69% of the leading 100 business noted at the National Stock Exchange, are already acquiring renewable energy in some form.
Image via Mahindra Susten

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