Mahindra Group and Ontario Teachers’ to form a strategic partnership in the renewable energy space

Mumbai, September 17, 2022: Mahindra Group and the Ontario Teachers’ Pension Plan Board (“Ontario Teachers”) today announced a strategic partnership to capitalize on the growing renewable energy opportunity in India and contribute to the country’s decarbonisation ambitions. The parties have entered into binding agreements under which Ontario Teachers’ will acquire a 30% equity interest in Mahindra Susten Private Limited (“Mahindra Susten”) at a share value of INR 2,371 crore (~USD 300 million).

The proposed transaction also contemplates the creation of an Infrastructure Investment Trust (“InvIT”) in accordance with the applicable regulations of the Securities and Exchange Board of India. Initially, InvIT is proposed to comprise renewable energy assets seeded by Mahindra Susten with an operating capacity of around 1.54 GWp. As part of the proposed transaction, shareholder loans of INR 575 crore (~USD 73 million) advanced by Mahindra Group to Mahindra Susten will be repaid.

As a result of this transaction, Mahindra Group will receive an inflow of approximately INR 1.3 billion rupees (~USD 165 million). Mahindra Group and Ontario Teachers’ will jointly explore the sale of an additional 9.99% stake in Mahindra Susten by May 31, 2023. Mahindra Group will deploy these funds, plus an incremental amount of up to INR 1,750 crore (~USD 220 million), in business and InvIT over the next seven years.

During the same period, Ontario Teachers’ committed to implement an additional amount of up to INR 3,550 crore (~USD 450 million) in business and InvIT.

This transaction will enable Mahindra Susten to build a strong renewable energy business focused on solar power, hybrid power, integrated energy storage and 24-hour green power plants (“RTC”).

Puneet Renjhen, Group Executive Board Member and Executive Vice President of Partnerships and Alliances at Mahindra Group said: “We are delighted to welcome Ontario Teachers’ as a strategic partner in Mahindra Susten. The association with Ontario Teachers’ will allow Mahindra Group to create value in the renewable energy sector with continued joint investments to accelerate growth. The Mahindra Group aims to be Planet Positive by 2040 and the continued inflow of long-term, patient capital into our climate-positive businesses is validation of our commitment to be a global leader in ESG.”

Bruce Crane, Senior General Manager, Asia Pacific, Infrastructure and Natural Resources at Ontario Teachers’ said: “We are pleased to continue to make significant investments in India and to acquire a significant stake in Mahindra Susten, one of India’s leading renewable energy platforms. As part of our climate change strategy, we have committed to continue growing our portfolio of green assets around the world with investments such as Mahindra Susten. This strategic partnership marks the beginning of what we hope will be a long-term and mutually beneficial relationship with the Mahindra Group.”

Deepak Thakur, Managing Director and CEO, Mahindra Susten said: “This partnership with Ontario Teachers’ syncs with Mahindra Susten’s plan to substantially grow our green energy portfolio across solar PV, wind and energy storage. This platform will leverage our proven development experience and in-depth knowledge of the Indian energy market. Our in-house EPC capabilities, honed in renewable energy projects executed globally, ensure that Mahindra Susten designs and delivers superior performing assets, enabling our energy platform to provide clean and reliable energy to millions of people across India. ”.

Chris Ireland, Senior Managing Director, Greenfield Investments & Renewables, Infrastructure and Natural Resources at Ontario Teachers’ said: “We are proud to invest in one of the leading renewable energy platforms in India. We believe that the renewable energy sector in India is poised for significant growth in the coming years as India works towards its ambitious clean energy goals, and we are excited to partner with the Mahindra Group on this initiative.”

Under the updated Nationally Determined Contributions (“NDCs”) to the United Nations Framework Convention on Climate Change (“UNFCCC”), India is now committed to reducing the emissions intensity of its GDP by 45% to 2030 from its 2005 levels, and to achieve around 50% of cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. These are concrete steps to achieve India’s long-term goal to reach net zero by 2070. As a result, the Indian renewable industry is expected to continue to grow significantly in the long term.

Ontario Teachers’ acquisition of a 30% equity interest in Mahindra Susten, which is subject to closing conditions, including regulatory approvals, is expected to be completed in the coming months. InvIT is also expected to be formed during fiscal year 2024 subject to required approvals.

Avendus Capital acted as financial advisor and Khaitan & Co. acted as legal advisor to the Mahindra Group for the transaction. Ambit acted as financial advisor and Cyril Amarchand Mangaldas acted as legal advisor to Ontario Teachers’ for the transaction.

About Mahindra Group

Founded in 1945, Mahindra Group is one of the largest and most admired multinational federations of companies with 260,000 employees in more than 100 countries. It enjoys leadership positions in agricultural equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and improving urban life, with the aim of driving positive change in the lives of communities and stakeholders to enable them to grow.

Learn more about Mahindra at www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates, subscribe to

About Mahindra Susten

Mahindra Susten is the renewable energy platform of the Mahindra Group, which includes a leading renewable energy engineering, procurement and construction (“EPC”) business (built capacity over 4 GWp), an independent power production business (“IPP”) with around 1.54 GWp of operating solar plants spread across various states in India, and plan to have a significant solar development pipeline. IPP’s solar portfolio is spread across 5 key states in India and is backed by long-term power purchase agreements: approximately 75% of assets are backed by central government entities and the rest with utility-backed distribution companies. state governments. In addition to its own in-house management team with extensive capabilities in the EPC and IPP domains, Mahindra Susten also benefits from the solar plant operations and maintenance services and other technical expertise of Mahindra Teqo Private Limited. For more information visit

About Ontario Teachers

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of C$242.5 billion as of June 30, 2022. We invest in more than 50 countries in a wide range of assets including public and private equities, income fixed, credit, commodities, natural resources, infrastructure, real estate, and business growth to provide retirement income to 333,000 working and retired members.

With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring a wealth of experience in sectors ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have achieved a total fund annual net return of 9.6% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to get a return, we invest to shape to a better future for the teachers we serve, the businesses we support, and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo

Media Contact Information:

Mahindra & Mahindra Ltd.
Pramuch Goel
Vice President and Director – Group Communications
Mahindra Group
Email: [email protected]

Ontario Teachers Pension Plan Board
dan madge
Director of External Communications
+1 416 419 1437
[email protected]

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