Diversified business conglomerate Mahindra & Mahindra today said it is targeting to commission over 100 megawatts of solar power projects across India over the next 2-3 years along with with its partner Kiran Energy.
Mahindra Solar One, which is a joint venture with Kiran Energy, is under Mahindra & Mahindra's Cleantech Ventures and is currently working on three projects to generate a total of 50 MW of photo voltaic (PV) power by the end of this fiscal.
"The solar energy business has huge potential and it is growing gradually. We are targeting to have 100 MW of power generation capacity in the next 2-3 years with our partner Kiran Energy," Mahindra & Mahindra (M&M) Cleantech Ventures Business Head Vish Palekar told PTI.
The company will bid and develop projects, which will all be generated through PV method, in many states like Rajasthan, Gujarat and some other locations in South India, he added.
"At present, we are working on three projects in Rajasthan. While two projects of 20 MW and 10 MW capacities are being developed by Mahindra Solar One, the remaining 20 MW project lies with our partner Kiran Energy," Palekar said, adding all the three projects will be commissioned by the end of this fiscal.
He, however, declined to share any investment figure that M&M may make in its power venture.
"The power that will be generated by these three plants are for commercial usage. We will sell the power to NTPC," Palekar said.
Earlier in January this year, Mahindra Solar One had commissioned its first 5 MW solar power plant at Jodhpur in Rajasthan. The plant was set up under the Jawaharlal Nehru National Solar Mission (JNNURM).
The power that is being generated from the first plant is also sold to state-run NTPC Ltd, he said.
The EPC (Engineering, Procurement, and Construction) division, which is under Cleantech Ventures, had commissioned a 2 MW thin-film project at Lucknow.
Besides, M&M has a 418 kW solar power plant at Chakan in Maharashtra that was commissioned by the company's automotive division to serve the manufacturing facility there.