CEAT, Tata Power Form SPV to Set up 10 MW Captive Solar Power Plant in Solapur

In a bid to reduce dependency on non-renewable energy, leading Indian tyre manufacturer CEAT Tyres has entered into a partnership with utility giant Tata Power and formed a special purpose vehicle (SPV), TP Akkalkot Renewable Ltd, for setting up a 10 MW captive solar power plant in Solapur, Maharashtra.

The solar project will be installed at Tata Power’s Solapur site for captive power consumption by CEAT’s Bhandup plant unit, which will cut the tyre makers’ power dependability on non-renewable resources by 50 per cent.

The newly formed SPV will be responsible for undertaking the construction, operation & maintenance of this captive solar power plant.

As per the captive generation rules, CEAT will own 26 per cent of the captive solar power plant, while major 74 per cent of the share will be owned by Tata Power.

The power plant is expected to generate about 21 MUs of energy per year and will annually offset approximately 17.43 Million Kg of CO2.

Commenting on the development, Ravinder Singh, Chief-Solar Rooftops Business, Tata Power, said “we are glad to associate with CEAT Ltd 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.”

On the partnership, Kumar Subbiah, Chief Financial Officer of CEAT, 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.”

Tata Power has a portfolio of over 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. It is also one of the largest solar manufacturers in India, and operates world-class manufacturing unit in Bangalore, with a production capacity of 1,100 MW of modules and cells.