Author | Ivan Shumkov — Indian industrial house Mahindra Group intends to invest some INR 45 billion (USD 731.7m/EUR 651.6m) in its renewable energy unit over the next three to four years, according to its chairman.
Anand Mahindra, the chairman and managing director of the Indian conglomerate, told Reuters in an interview published Monday that the group will finance its investment with about INR 33 billion in debt.
The rest will come from available cash, he has added.
The official has also mentioned that Mahindra’s renewables arm aims to commission approximately 180 MW of solar parks by March 31, 2015 and 500 MW by end-March 2016. The chairman pointed out, as cited by Reuters, that he expects a boom in the renewable energy segment this year.
In 2014, India raised its 2022 solar target to 100,000 MW.