Ceat said that 25% of its wind energy requirements are presently being met by renewable sources. This investment will help it achieve its target of relying on renewable sources for half its power requirements in the next three years.
Tyre maker Ceat Ltd on Monday said that it has invested Rs 60 lakh in a renewable energy unit that harnesses wind energy to source electricity for its two plants in Maharashtra.
The renewable energy unit will supply 5 MW of electricity on a captive basis to Ceat plants in Bhandup and Nashik. This will complement the solar energy plants that the tyre maker already has in place for both Bhandup and Nashik.
Ceat said that 25% of its energy requirements are presently being met by renewable sources. This investment will help it achieve its target of relying on renewable sources for half its power requirements in the next three years.
The wind-sourced electricity will be provided by Cleanwin Energy Five, a special purpose vehicle with the sole business of generating renewable power. It owns, operates and maintains a captive wind power generating plant in Maharashtra. Ceat signed a limited liability partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin for a 26% stake in the latter.
Corporates around the world have been increasingly working on reducing their carbon footprint led by both investor and government scrutiny. Reducing their emissions also helps them improve their ESG (environment, social and governance) score, which is increasingly becoming a key metric for some of the largest investors in the world.