CEAT Tyres Ltd, a leading Indian tyre manufacturer, has announced its partnership with Tata Power to establish a captive Solar Plant. The plant, being set up at TATA Power’s Solapur site, will have a capacity of 10 MW and will provide power to Ceat’s tire manufacturing unit located in Bhandup, Maharashtra.
For this solar project, Tata Power has created a special purpose vehicle (SPV)-TP, Akkalkot Renewable Limited, which will be taken care of undertaking the construction, operation & maintenance of this captive solar power plant.
According to the captive generation rules, CEAT will own 26% of the captive solar power plant and Tata power will own 74%. The Plant is expected to generate about 21 MUs of energy per year and will annually offset approximately 17.43 Million Kg of CO2. The generated electricity will be used for captive consumption of the Bhandup plant at CEAT.
Mr. Ravinder Singh, Chief-Solar Rooftops Business, Tata Power said, “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.”
Tata Power has made a name for itself as India’s No. 1 Solar EPC player for 7 consecutive years. In the financial Year 2021, Tata Power has an order book of over Rs 8,700 crore and a capacity of around 2,800 MW in FY21. In addition, they have a portfolio of over 5.4 GW of ground-mount utility-scale solar projects and over 500+ MW of rooftop and distributed generation projects across the country to date. Tata Power is also one of the largest solar manufacturers in India, it operates a world-class manufacturing unit in Bangalore, with a production capacity of 1,100 MW of modules and cells.
Mr. 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 the 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 solar project will reduce CEAT’s reliance on non-renewable energy and will be an important milestone in the company’s goal towards carbon neutrality.
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