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Mahindra to treble solar power investment

Indian vehicle maker and industrial conglomerate Mahindra Group has announced plans to treble its investments in solar energy this year and seek US or other foreign partners to boost its defence manufacturing business. Chairman Anand Mahindra said his group would have installed 180 megawatts of solar electricity by the end of its financial year in March, and would add 500MW the following year both as operator and plant-builder for others. Mahindra is planning to selling off-grid rooftop installations as well as building and running solar power stations. The move is part of a trend within the sector to take advantage of the drive by Narendra Modi, India's prime minister, to boost renewable energy output. Piyush Goyal, power minister recently quadrupled the country's official target for solar power output to 100 gigawatts by 2022 and said India would be investing $100bn in renewables in the next five years.

 

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