Leading tire maker Apollo Tires Limited (ATL) has picked up a 27.2% stake in CSE Deccan Solar, a subsidiary of Cleantech Solar, to get a guaranteed supply of 40 million units of solar power per annum for its Oragadam plant.
The plant near Chennai has an installed capacity of producing around 900 tonnes of tires per day which includes tires for passenger vehicles and light, medium and heavy commercial vehicles. ATL had made an investment of Rs 9.3 crore and the supplies are likely to start from July.
Considering that solar power is produced for only a few hours every day, and there is no storage facility available, ATL chose an optimum quantity offtake, which is about 20% of the total requirements in Chennai, it said in a statement. said.
“This investment to secure solar power for our Chennai facility is one of the many initiatives we are taking towards a sustainable future. The solar power we are getting from this investment will help us become self-reliant for our power requirements for critical equipment, and strengthen our commitment to carbon emission reduction,” said Sunam Sarkar, President & Head Business said the officer.
He also said that the rate of solar energy fixed for the next two decades is less than the per unit rate of the State Electricity Board at present.
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