Mahindra steps up renewable push, forms Ultrogen Hybren to focus on green energy and storage systems

Ultrogen Hybren aims to generate and sell electricity through renewable sources in Mumbai, including rooftop solar installations, Mahindra and Mahindra said in a company filing.

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Automotive major Mahindra has set up a new, renewable energy company in Mumbai- Ultrogen Hybren - to generate and sell electricity through renewable sources, including rooftop solar installations, Mahindra and Mahindra said in a company filing.

Shares of M&M are lower by 0.8% during early trade on December 30.

Ultrogen Hybren will be a subsidiary of Mahindra Susten, a subsidiary of Mahindra Holdings (MHL), the company informed through an exchange filing on December 29. The company will aspire to be an Independent Power Producer (IPP). The new subsidiary will be in the business of production and sale of power and generating electricity, including through rooftop solar installations, for commercial and residential use.

"Ultrogen Hybren has been incorporated for production and sale of Power and Generating Electricity, Independent Power Producer (IPP), Distributed Energy including rooftop solar installation for commercial, industrial, institutional and residential segment, through various renewable energy sources and energy storage systems etc," M&M said the statement.

Mahindra Susten was incorporated in 2010 and added to the India's renewable energy (RE) capacity, executing 4.2 GWp of renewable projects worldwide. Susten has targetted to scale up its solar capacity from 1.5 GW to 7 GW by FY27.

This move aligns with Mahindra Group's plans to expand presence in the renewable energy sector, and run on 50% renewable energy  by 2025.

"We have achieved substantial progress to make our operations greener across energy, water, and waste. M&M's share of renewable energy increased to 33% in FY24. We have doubled the
energy efficiency of our operations since FY09, and now use half the energy to manufacture each vehicle," MD and CEO Anish Shah had said in the annual report of last fiscal.

Mahindra Susten had in FY24 secured a 300-MW solar project at SJVN's 1,500 MW solar tender.