CEAT Tyres Partners Tata Power To Set Up Captive Solar Plant For Mumbai Facility
Published On 13-Jul-2021 17:08:04
The setting up of the 10MW captive solar plant will not only reduce Ceat's dependency on non-renewable energy but will also be a significant milestone in the company's goal towards carbon neutrality, said CEAT Tyres.
Homegrown tyre major, CEAT Tyres on Tuesday announced its partnership with Tata Power to establish a 10MW captive solar plant at the latter’s Solapur site for powering its Bhandup tyre manufacturing plant.
Tata Power has created a special purpose vehicle (SPV) - TP Akkalkot Renewable Ltd -- which will be responsible for undertaking the construction, operation and maintenance of this captive solar power plant, said the tyremaker in a release.
CEAT Tyres will hold 26 per cent stake in the SPV while Tata power will own 74 per cent, as per the captive generation rules, it said.
"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 at Tata Power.
Tata Power has an order book over Rs 8,700 crore and a capacity of around 2,800 MW in FY21. It has a portfolio of more than 5.4 GW of ground-mount utility-scale solar projects and over 500 MW of rooftop and distributed generation projects across the country till date.
"The tie-up with Tata Power for installation of solar power generation plant in Maharashtra signifies our continued commitment towards shift to sustainable energy," Kumar Subbiah, Chief Financial Officer, Ceat, said.
“The setting up of the 10MW captive solar plant will not only reduce Ceat's dependency on non-renewable energy but will also be a significant milestone in the company's goal towards carbon neutrality.”