MCIE has acquired shares of a local solar energy company, that will commission two solar power generation plants with a capacity of 7 MWp and 3 MWp to supply photovoltaic power to Mahindra CIE Automotive's foundry division in Urse and magnetic products division in Bhosari, respectively, from January 2023.
This is a further step towards sustainably sourced energy, as MCIE embarked its journey towards solar power in 2019 when it entered into agreements with various solar power producers for setting up roof top solar power in 9 plants across India. On average, around 540,000 units of electricity gets generated from these roof top plants every month.
Further in 2020 and 2021 MCIE invested in 3 captive power plants (53MW) for power supplies to its Foundry, Forgings and Magnets plant in Pune, Maharashtra, India. Approximately 6.5 million units of power gets generated from these three units every month.
This investment will not be the last one of year 2022, as the company has announced the investment in solar power for the forgings division, which would provide us with another 9 million units of savings per year from February 2023.
The latest investments mean that 63% of the total power consumed in the Maharashtra region in India will be sourced from solar power. Also, it is worth noting that in State of Karnataka (India), where Bill Forge plants are located, around 85% of the power comes from green sources, using combination of wind and solar energy.