Tyre giant secures renewable energy supply through strategic investment in wind farm developer.
Tyre giant MRF is venturing into the renewable energy sector by acquiring a stake in Pune-based First Energy 8 Pvt Ltd. The deal, valued at approximately ₹35.87 crore, sees MRF securing up to 27.2% ownership in the renewable energy firm developing a 47.4 MW wind power plant in Tamil Nadu.
This strategic move aligns with MRF’s commitment to enhancing its source of renewable power supply. The company entered into a power purchase agreement with First Energy 8 under the captive power policy, allowing it to directly source electricity from the wind farm.
“This acquisition demonstrates MRF’s proactive approach towards securing sustainable energy solutions,” said [insert relevant MRF spokesperson name], [insert spokesperson title] at MRF. “The captive generation mechanism enables us to gain greater control over our energy costs and reduce our carbon footprint.”
This follows MRF’s previous agreement in May 2023 with First Energy 4 Pvt Ltd for the purchase of solar power. First Energy 4 is building a 38.2 MW ground-mounted solar facility in Tamil Nadu, further diversifying MRF’s renewable energy portfolio.
The increasing adoption of renewable energy by major corporations like MRF signifies a growing trend in India’s industrial sector. This shift aligns with the country’s ambitious clean energy goals set under the Paris Agreement and paves the way for a more sustainable future.