Reportedly, Mahindra & Mahindra Limited will invest up to Rs 1.12 billion in Neon Hybren Private Limited for the development of a 30 MW group captive solar power plant in Punjab.
Neon, a subsidiary of Mahindra Susten Private Limited is setting up the grid-connected, ground-mounted photovoltaic project to supply power on a captive basis. The investment will be made in one or more tranches through subscription to equity shares in accordance with the share subscription and shareholders agreement. Following completion of the transaction, Mahindra & Mahindra will directly hold at least 26 per cent of Neon’s share capital. Neon is engaged in power generation as an independent power producer and in distributed energy solutions, while the project will add to Mahindra Susten’s renewable energy portfolio.