CEAT completes 26 pc stake buy in Cleanwin Energy – EQ Mag Pro
Mumbai : Cleanwin Energy owns, operates and maintains a captive wind power generating plant in Maharashtra. The RPG Group company plans to move to 50 per cent renewable power in the next three years.
“We are happy to announce the completion of the acquisition of 26 per cent stake with Cleanwin Energy,” Kumar Subbiah, CFO, CEAT tyres, said in a release.
The RPG Group company had in September signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. In line with the norms to avail power for captive use, this also makes CEAT a 26 per cent shareholder in Cleanwin Energy, as per the company.
Cleanwin Energy is promoted as a special purpose vehicle, with the sole business of renewable energy generation from renewable sources. It will supply electricity on a captive basis to CEAT, which has moved to renewable energy for all its six plants in India, the tyre maker said.
CEAT is currently using 25 per cent of its energy requirement from renewable sources, the company said adding that the plans are to move to 50 per cent renewable power in three years. Cleanwin will provide 5 MW wind power to CEAT plants in Bhandup and Nashik.
