The tyre maestro, Ceat recently associated with Tata Power in order to setup a 10MW captive solar plant at the latter’s Mumbai facility. This setup will happen exactly at Tata Power’s Solapur site for powering its tyre manufacturing facility in Bhandup, Mumbai. To execute the construction, operation and maintenance of this captive solar power plant, Tata Power has developed a special purpose vehicle (SPV) named TP Akkalkot Renewable Ltd. While Ceat will hold a 26 percent stake in the SPV, Tata Power will own 74 percent in accordance with the captive generation rules.
The power generated from the plant will be deployed for captive consumption by Ceat’s Bhandup plant. Also, the plant is expected to generate about 21 million units of energy per year and annually offset approximately 17.43 million kg of CO2.
“Through TP Akkalkot, we aim to continue to build a robust renewables portfolio and expand our horizons in the captive power generation sector, quoted Ravinder Singh, Chief-Solar Rooftops Business, Tata Power.
“The tie-up with Tata Power for installation of solar power generation plant in Maharashtra signifies our continued commitment towards shift to sustainable energy,” said Kumar Subbiah, Chief Financial Officer, Ceat. In fact, the establishment of this captive solar plant will not only decrease Ceat’s dependency on non-renewable energy but also stand as an imperative achievement towards reaching its goal of carbon neutrality.
An Indian multinational tyre manufacturing company, CEAT Tyres provides a wide range of tyres for cars, bikes, scooters and other vehicles. It silhouettes as the go-to spot for the best tubeless and tube tyres for vehicles among most customers. On the other hand, Tata Power stands-out as India’s largest power generation company which is aimed at providing uninterrupted power supply from its various plants.