CEAT acquires 26% of the capital of Cleanwin Energy; takes another step towards a sustainable future | AFN News
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CEAT acquires 26% of the capital of Cleanwin Energy; takes another step towards a sustainable future
Posted on October 4, 2021
- CEAT has signed a Limited Liability Partnership Agreement (LLP) with Yellowstone Clean Energy LLP
- Cleanwin is developing renewable energy projects and will supply electricity on a captive basis to CEAT, which will be a 26% shareholder
New Delhi: Leading tire maker CEAT Tires Ltd signed a Limited Liability Partnership Agreement (LLP) with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP in September. In accordance with the standards for the provision of electricity for captive use, this also makes CEAT a 26% shareholder of Cleanwin Energy. Cleanwin owns, operates and maintains a captive wind power plant in Maharashtra.
Cleanwin Energy is promoted as a special purpose vehicle, with the sole activity of producing renewable energy from renewable sources. The company will supply electricity on a captive basis to CEAT. CEAT has switched to renewable energies for all of its 6 factories in India. Currently, the company uses 25% of its energy needs from renewable sources. It plans to switch to 50% renewable energy in 3 years. Cleanwin will supply 5 MW of wind power to the CEAT plants in Bhandup and Nashik. This will complement the existing solar power plants already in place for Bhandup and Nashik.
Speaking of development, Mr. Kumar Subbiah, said, “We are very happy to make this investment as it is another step towards our goal of reducing the carbon footprint by 50% by 2030. It is an excellent initiative to develop and exploit renewable energy sources and towards a sustainable future. “
CEAT will continue to strive for excellence and sustainable growth. The company continued to make strong progress in terms of emissions reductions, water conservation, zero effluent discharge, plastic waste management and adoption of solar power in its offices and factories.