According to reports, Mahindra Solar One, a joint venture between the Mahindra Group and Kiran Energy, plans to invest 1,000 crore in solar power generation to build a capacity of 100 megawatts over the next two years, continuing the trend of large business houses investing heavily in the sector.
“Our target is to be among the top three players in the solar industry in the next five years,” Anand Mahindra, vice-chairman and managing director, Mahindra & Mahindra, told ET.
Earlier, the company announced the commissioning of its first grid-connected solar power unit of 5 mw in Rajasthan. M&M has forayed into the renewable space through Mahindra Cleantech Ventures, which has set up three divisions – Mahindra Solar for power generation, Mahindra EPC for engineering of solar projects and Mahindra Off-grid solutions that offers rooftop setups for solar power generation. We are keen to look at other renewable sources of energy but over the next 3-5 years, our focus would be solar power,” Mahindra said.