CEAT Tyres on Tuesday announced its partnership with Tata Power to establish a 10 MW captive solar plant at Solapur site. The power generated will be used for captive consumption by Ceat’s Bhandup tyre manufacturing plant. The plant is expected to generate about 21 million units of energy per year and will annually offset approximately 17.43 million kg of CO2 said the company.
The setting up of this 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.
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.
“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, the tyre maker 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.
