Mahindra Launches Ultrogen Hybren to Boost Renewable Energy Goals

1 Jan 2025 , 05:05 PM

Mahindra & Mahindra has established a new renewable energy company called Ultrogen Hybren in Mumbai to concentrate on the generation and sale of electricity from renewable sources, including rooftop solar installations.

Ultrogen Hybren will be a subsidiary of Mahindra Susten, which is part of Mahindra Holdings (MHL), and will strive to become an Independent Power Producer (IPP).

The new company will focus on generating and selling power for commercial, residential, and industrial use. It will generate power from several renewable energy sources and energy storage systems.

Mahindra Susten is a strong company in the area of renewable energy, having commissioned over 4.2 GW of renewable projects globally. Its solar capacity would be scaled up from 1.5 GW to 7 GW by FY27.

The development fits into Mahindra Group’s pursuit of being a sector leader in renewable energy and its vision to be powered by 50% renewable energy by 2025. Moving into FY24, Mahindra said its share of renewable energy had moved up to 33% and that it continues to improve energy efficiency by more than half, cutting energy use per vehicle produced from FY09. Mahindra Susten also won a 300 MW solar project in FY24 from SJVN’s 1,500 MW solar tender.