Ceat Tyres on Tuesday announced its partnership with Tata Power to establish a 10MW captive solar power plant at Tata Power's Solapur site for powering the tyremaker's Bhandup factory.
Tata Power has created a special purpose vehicle (SPV)-TP Akkalkot Renewable, which will be responsible for undertaking the construction, operation & maintenance of this captive solar power plant.
Ceat Tyres will own 26% of the project while the rest is with Tata Power, as per the captive generation rules.
CEAT's Bhandup plant is expected to generate about 21 MUs of energy per year and annually offset approximately 17.43 million kilograms of CO2.
Ravinder Singh, Chief-Solar Rooftops Business, Tata Power, said, 'We aim to continue to build a robust renewables portfolio and expand our horizons in the captive power generation sector.'
Kumar Subbiah, Chief Financial Officer, Ceat Tyre, said, 'Our purpose is 'Making Mobility Safer and Smarter Every day,' and we are committed to the cause of sustainability.' This arrangement will not only reduce Ceat's dependency on non-renewable energy but is also a significant milestone in the company's goal towards carbon neutrality, the company said.
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