TNI || New Delhi || 05th Oct 2021
Ceat Tyres Ltd. has entered into an LLP agreement with Yellowstone Clean Energy LLP and will invest INR 60 lac in Cleanwin Energy Five LLP.
It is well to be noted that Cleanwin owns, operates, and also maintains a captive wind power generation plant in the state of Maharashtra.
As per the press release by the CEAT, the agreement also makes it a 26% stakeholder in Cleanwin Energy.
The company is promoted as a special vehicle and carries the sole intent of renewable energy generation. Cleanwin is going to supply electricity on a captive basis to the tyre manufacturer.
In wake of the stress to restore the environment, CEAT has shifted to renewable energy for all its six plants in India and is currently using 25% of its energy requirement through renewable sources.
In the next three years, the company plans to move to 50% renewable power. Cleanwin will be providing 5-megawatt wind power to CEAT plants that are located in Bhandup and Nasik.
As per Kumar Subbiah, the chief financial officer of CEAT, they are happy with this investment as it is a big step towards reducing the carbon footprint by the end of this decade. This move, according to him, is a great way to harness renewable sources of energy for a sustainable future.
He added that CEAT has continued to move forward towards reduction in emission, solar power adoption, among many other new and sustainable choices.