Mahindra & Mahindra Limited : Mahindra Solar One amongst first to commission a 5 MW solar power plant in Rajasthan

Employs cutting edge tracker technology for maximum efficiency

January 9, 2011, Mumbai: Mahindra Solar One, a leading solar power developer, today announced the successful commissioning of its first 5 MW solar plant. This plant is part of the Jawaharlal Nehru National Solar Mission (JNNSM) policy and is situated near Jodhpur in the state of Rajasthan. It holds the distinction of generating the highest output per MW of any solar plant in India with cutting-edge tracker technology that maximizes energy from the sun. The project was also the first to achieve non-recourse financing, demonstrating the confidence of the banking sector in the solar industry.

The Engineering, Procurement and Construction arm of Mahindra Solar - Mahindra EPC (MEPC) has commissioned this 5 MW project in record time of 100 days utilizing its proven expertise in design, engineering & construction. These quality techniques are being deployed in other solar projects including that of 3rd party developers.

Presiding over the launch ceremony in Mumbai, Dr. Farooq Abdullah, Hon'ble Union Cabinet Minister for New and Renewable Energy said "The New & Renewable Energy Ministry recognizes the important role Solar Energy plays for our country's energy security. The JNNSM policy is crafted to create a robust and scalable solar industry and I am delighted to be launching one of the first solar plants commissioned under this scheme by a respected corporate like the Mahindra Group."

Speaking on the occasion Mr. Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra said "We are proud to be amongst the first in India to deploy solar technology under the JNNSM scheme successfully and in record time. We aim to be one of the top 3 companies in this industry. The Mahindra Group has been at the forefront of businesses that are in step with the nation's needs and Mahindra Solar One will provide a fillip to our nation's solar competencies. We are committed to be involved in enterprises that provide sustainable solutions for a better life".

The plant is expected to provide solar electricity equivalent to around 60,000 rural homes and avoid emissions of approx. 8,000 tons of carbon dioxide per year. This plant has created over 200 new jobs in the region giving local employment and helping social inclusiveness.

Mahindra Solar plans to play a larger role in solar power generation both as an EPC contractor in On-Grid and Off-Grid and as a developer setting up greater than 100 MW in the next 2 to 3 years. Along with their partner Kiran Energy, they have already won 50 MW of solar projects in JNNSM Phase 1B. 

The company is committed to enhancing their presence in the sphere of Clean Technologies and will focus on creating solutions around various green initiatives that reduce the carbon footprint.

About Mahindra EPC

Setup under Cleantech Ventures - a division of Mahindra Partners, the Mahindra EPC business (MEPC) is focused on providing reliable turnkey services to build large scale grid connected solar power plants and rooftop solutions for developers and commercial organizations.

MEPC brings high quality Engineering, Procurement efficiency, Construction excellence (EPC) and world-class Project management services to deploy high performing projects on the ground.

The MEPC team has successfully commissioned its first 5 MW PV crystalline project in a record time of 100 days and is executing a 2 MW thin-film project at Lucknow. In 2011, we received the highest CRISIL-MNRE rating of SP1A for off-grid solar PV system integration.

About Mahindra Solar One

Mahindra Solar One, a joint venture between Kiran Energy and Mahindra, aims to be at the forefront of the solar revolution in India by playing a significant role in solar power generation. It is setting up over 100 MW of large grid-connected projects in the next 2 to 3 years.

Mahindra Solar One was the first to achieve non-recourse rupee finance for the 5 MW JNNSM project and intends to create credible solutions for the growth of solar sector in India.

In 2011, it won a 30 MW bid under the Phase 1B of JNNSM and is positioned to be a leading developer in the country.

About The Mahindra Group

 The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, vacation ownership, rural and semi-urban financial services, etc. Mahindra has a significant and growing presence amongst others, in the automotive industry, agribusiness, aerospace, automotive components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel and two wheelers.

 A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 1,44,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. For four years in a row, Mahindra has featured in the Forbes Asia's Fab 50 List of the 50 best publicly traded companies in the Asia-Pacific regions. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India's Top 500 Companies.

 In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. Its flagship company Mahindra & Mahindra Limited is the only Indian automobile manufacturer to feature in the top 10 list of the Carbon Disclosure Leadership Index in India - 2010, created by the Carbon Disclosure Project (CDP).  In 2011, Mahindra acquired a majority stake in Korea's SsangYong Motor Company.

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 Ms. Roma Balwani                                                                         

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Mahindra & Mahindra Ltd                                                           

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