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"
Also Read:
https://www.automotiveproductsfinder.com/News/CEAT-unveils-CZAR-A-T-tyres-for-SUVs/133748
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