CEAT will own 26% of the captive solar power plant and Tata power will own 74%, as per the captive generation rules. The power generated will be used for captive consumption by CEAT’s Bhandup plant. The Plant is expected to generate about 21 MUs of energy per year and will annually offset approximately 17.43 Million Kg of CO2.
“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,” said Mr. Ravinder Singh, Chief-Solar Rooftops Business, Tata Power.
Tata Power continues to be India’s No. 1 Solar EPC player for seven years in a row. It has an order book over Rs 8,700 crore and a capacity of around 2,800 MW in FY21. It has a portfolio of more than 5.4 GW of ground-mount utility-scale solar projects and over 500+ MW of rooftop and distributed generation projects across the country till date. Tata Power is also one of the largest solar manufacturers in India, it operates 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 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 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.
Tata Power Company Ltd is currently trading at Rs123.80 down by Rs0 or 0% from its previous closing of Rs123.80 on the BSE.