CEAT acquires 26% stake in Cleanwin Energy
CEAT Tyres Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP in September. In line with the norms to avail power for captive use, this also makes CEAT a 26% shareholder in Cleanwin Energy. Cleanwin owns, operates and maintains a captive wind power generating plant in Maharashtra.
Cleanwin Energy is promoted as a special purpose vehicle, with the sole business of renewable energy generation from renewable sources. The company will supply electricity on a captive basis to CEAT. CEAT has moved to renewable energy for all its 6 plants in India. Currently, the company is using 25% of its energy requirement from renewable sources. It plans to move to 50% renewable power in 3 years. Cleanwin will provide 5 MW wind power to CEAT plants in Bhandup and Nashik. This will complement the existing solar energy plants already in place for both Bhandup & Nashik.
Speaking about the development, Mr. Kumar Subbiah, said, “We are very happy to make this investment as it is another step towards our focus to reduce carbon footprint by 50% by 2030. It is a great initiative to develop and harness renewable sources of energy and towards a sustainable future.”
CEAT will continue to strive towards excellence and sustainable growth. The company has continued to move forward strongly in terms of emission reduction, water conservation, zero effluent discharge, plastic waste management and solar power adoption across its offices and factories.