Mahindra Susten

Mahindra Susten was a first mover in India’s solar sector, establishing a presence as builder of turnkey renewable power projects for utility-scale customers before expanding into independent power production. By investing in Mahindra Susten, Ontario Teachers’ is capitalizing on the long-term growing renewables investment opportunity in India while supporting the country’s decarbonization ambitions.

Few countries illustrate the importance of getting renewables right better than India. The South Asian giant surpassed China as the world’s most populous country in 2023. A decade ago, it was the world’s tenth-largest economy. It’s now in fifth spot, and the Indian government expects it to move into third spot before 2030. While emissions have increased, India’s per capita emissions remain very low compared with those of other economies. To mitigate climate change, it will be critical for India to decouple rising prosperity from emissions growth.

Ontario Teachers’ acquired a 30% stake in conglomerate Mahindra Group’s renewables platform in 2022. Mahindra Susten was a first mover in India’s solar sector, establishing a presence as builder of turnkey renewable power projects for utility-scale customers before expanding into independent power production. As of 2023, Susten’s engineering, procurement, and construction (EPC) business has built 4.2 gigawatts of projects, and it also operates 1.5 gigawatts of power-producing assets. Mahindra Group also has a renewables operations and maintenance business through an entity Mahindra Teqo, which is the largest player, in the solar domain, within the sub-continent. Going forward, Mahindra Susten is committed to developing projects focused on solar energy, hybrid energy, and integrated energy storage.

Susten has been a key partner for investing in renewables in India, where acquiring land for future projects requires local knowledge and sensitivity. With eight projects across six states, it has expertise in navigating permitting in India’s federal system.