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Several global and Indian investors, including Asian Infrastructure Investment Bank (AIIB), subscribed to the offer.
SEIT made its debut on the National Stock Exchange on Monday.
SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. It holds operational renewable power assets seeded
The capital of Rs 897.8 crore made available to Mahindra Susten way of an offer for sale of units of SEIT will help Mahindra Susten develop a future pipeline of renewable energy assets.
Mahindra Susten and SEIT, as a part of their growth strategy, have entered into a Right Of First Offer (ROFO) arrangement, in compliance with InvIT Regulations, whererenewable energy assets developed Mahindra Susten will be offered for sale to SEIT.
Both Mahindra Group and Ontario Teachers’ had committed to invest up to Rs 3,050 crore and Rs 3,550 crore respectively into Mahindra Susten and SEIT.
Anish Shah, Group CEO & MD, Mahindra Group, said, “Mahindra Susten has ambitious plans to achieve 5X growth in the next five years and will contribute to both the Groups’ and the nation’s green energy goals.
“The renewable energy sector will continue to grow and attract investments and we are excited about both Susten’s and SEIT’s role in developing the right ecosystem.”
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of usd 249.8 billion as at June 30, 2023.