MRF Acquires Stake in Wind Power Developer to Secure Renewable Energy Supply

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.