Leading Indian tyre manufacturer CEAT Tyres Ltd announced its partnership with Tata Power to establish a 10MW captive solar plant at TATA Power’s Solapur site for powering CEAT’s Bhandup plant unit. Tata Power has created a special purpose vehicle (SPV)-TP Akkalkot Renewable Limited which will be responsible for undertaking the construction, operation and maintenance of this captive solar power plant.
CEAT will own 26% of the captive solar power plant and Tata power will own 74%, as per the captive generation rules. The power generated will be used for captive consumption by CEAT’s Bhandup plant. The Plant is expected to generate about 21 MUs of energy per year and will annually offset approximately 17.43 Million Kg of CO2.
“We are glad to associate with CEAT Limited and announce our new SPV. Through TP Akkalkot, we aim to continue to build a robust renewables portfolio and expand our horizons in the captive power generation sector,” said Ravinder Singh, Chief-Solar Rooftops Business, Tata Power.
Kumar Subbiah, Chief Financial Officer, CEAT Ltd, said, “The tie-up with Tata Power for installation of solar power generation plant in Maharashtra signifies our continued commitment towards shift to sustainable energy and underpins our commitment towards building a better future. Our purpose is “Making Mobility Safer and Smarter, Every day. And we are committed to the cause of sustainability.”
This arrangement will not only reduce CEAT’s dependency on non-renewable energy but is also a significant milestone in the company’s goal towards carbon neutrality.