Mahindra Solar One Announces 5 MW PV Plant

Mahindra Solar One has announced the commissioning of a 5
MW solar photovoltaic (PV) plant near Jodhpur in the Indian state of Rajasthan.
The PV plant is the company's first, and utilizes a tracking system.

Mahindra Solar says the plant is the first to achieve
non-recourse financing, which it says demonstrates the confidence of the
banking sector in the solar industry. Mahindra's engineering, procurement and
construction (EPC) division completed and commissioned the PV plant in 100
days.

"We are proud to be amongst the first in India to deploy
solar technology under the Jawahrlal Nehru National Solar Mission (JNNSM)
scheme successfully and in record time," stated Mahindra & Mahindra Vice
Chairman and Managing Director Anand Mahindra. "We aim to be one of the
top three companies in this industry."

The plant is expected to provide electricity to around
60,000 rural homes, avoiding roughly 8,000 tons of carbon dioxide emissions
annually. Mahindra also estimates that the plant has created over 200 new jobs
in the region.

Mahindra Solar states that it plans to play a larger role
in solar power generation both as an EPC contractor in both grid-tied and
off-grid segments. The company expects to develop more than 100 MW in the next
two to three years.