Tyre maker Ceat said it has tied up with Tata Power to establish a 10MW captive solar plant at the latter’s Solapur site for powering its tyre manufacturing facility in Bhandup (Mumbai).
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.
While Ceat will hold 26 per cent stake in the SPV, Tata power will own 74 per cent, as per the captive generation rules, it said.
The power generated will be used for captive consumption by Ceat’s Bhandup plant, the company said, adding, 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.
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.
Tata Power had an order book of over Rs 8,700 crore and a capacity of around 2,800 MW in 2020-21.
As Ceat grows in the business, by 2030 their goal is to halve the environmental footprint of the production and usage of the products. To achieve this, they are incorporating the following UNSDG into business plan for a greener earth today, and tomorrow.
All CEAT manufacturing plants follow the Environmental Management System (ISO 14001:2015) Certification Standard.
This is a PRNewswire Feed; edited by Clean-Future Team