Mumbai
CEAT Tyres Ltd has announced its partnership with Tata Power to establish a 10MW captive Solar Plant at TATA Power’s Solapur site. This is to power CEAT’s Bhandup plant unit. Tata Power is one of the largest solar manufacturers in India and the largest integrated power company. It is a leading player in India’s solar EPC market. Tata Power has a world-class operational manufacturing unit in Bangalore that has a production capacity of 1,100 MW of modules and cells. On the other hand, CEAT is the flagship company of RPG Enterprises. It is again a leading tyre manufacturer in India and has a great presence in the global market. it produces about 15 million tyres a year and offers the widest range of tyres to all segments.
To construct, operate, and maintain the solar power plant, Tata Power has created a special purpose vehicle (SPV)-TP Akkalkot Renewable Limited. As per the terms, CEAT will own 26% of the captive solar power plant whereas; Tata power will own 74%. It is expected that the plant will generate around 21 MUs of energy every year and will also offset 17.43 million kg of CO2 every year.
According to Ravinder Singh, Chief-Solar Rooftops Business, Tata Power, the company is excited to associate with CEAT Limited and has announced its new SPV. The company also plans to build a robust renewable portfolio and expand its horizons in the captive power generation sector, with TP Akkalkot.
As per Kumar Subbiah, Chief Financial Officer, CEAT Ltd, this tie-up signifies that the company is committed to a shift to sustainable energy and wants to build a better future. He also said that the purpose of the company is to “Making Mobility Safer and Smarter. Everyday”. With the arrangement, the dependency of the company on non-renewable energy will reduce and the company’s goal to achieve carbon neutrality will also reduce.
Source – Press release of "Ceat"
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