Mahindra and Mahindra will procure power from a 150 MW hybrid renewable energy project in Maharashtra comprising 100.8 MW of wind and 50 MW of solar capacity, which is being developed by Gelos Solren.

The transaction includes acquiring a 26% stake in one or more tranches in the paid-up equity share capital of Gelos Solren, a wholly owned subsidiary of Mahindra Susten, the clean-tech arm of the Mahindra Group.

The company will subscribe to 10,53,877 equity shares of Gelos at ₹352.44 (~$3.93) per share, amounting to ₹371.43 million (~$4.14 million). This includes a premium of ₹342.44 (~$3.82).

Mahindra and Mahindra had committed to this acquisition in April 2024. The transaction is expected to be completed by April 30, 2026, after which  Mahindra Susten will retain a 74% stake in Gelos.

The hybrid project is expected to cost ₹12 billion (~$134 million). Mahindra Susten is developing the project, with global investor Ontario Teachers’ Pension Plan Board as a strategic partner. Mahindra had earlier stated that 80% of the hybrid project will be developed using local components.

Founded in June 2023, Gelos Solren generates and distributes electricity generated through renewable energy sources. It will utilize the proceeds from the transaction to fund its capital expenditure, future business operations, working capital requirements, and other general corporate operations.

As of March 31, 2025, Gelos had a negative net worth of ₹36.7 million (~$409,502) and a loss after tax of ₹38.4 million (~$428,471).

Established in 2010, Mahindra Susten has developed over 1.5 GW of independent power producer (IPP) renewable energy assets and is developing an additional 1.9 GW of IPP projects.

It has also executed over 4.2 GW of renewable energy projects as an engineering, procurement, and construction contractor across India and internationally. Its portfolio includes more than 3.9 GW of operational IPP assets and six projects under development.

In October this year, Mahindra Susten achieved financial closure for its 45 MW solar power project in Bathinda, Punjab. The project, developed by Neon Hybren, a wholly-owned subsidiary of Mahindra Susten, secured financing of ₹1.4 billion (~$15.78 million) from the Export-Import Bank of India under Exim Bank’s sustainable finance program.