MRF has said that it will acquire up to 27.2 per cent stake in Pune-headquartered First Energy 8 Pvt Ltd, a renewable energy firm that is developing a wind power plant with a capacity of 47.4 MW in Tamil Nadu, for an estimated ₹35.87 crore.
The leading tyre maker has entered into a power purchase agreement with First Energy 8 for the purchase of wind power under the captive power policy.
“In order to enhance its source of renewable power supply, MRF will acquire and maintain an equity stake (up to 27.2 per cent) in First Energy 8 Private Ltd per the group captive generation mechanism under the Electricity Act,” according to a statement.
In May 2023, MRF entered into an agreement with First Energy 4 Pvt Ltd for the purchase of solar power. First Energy was then in the process of building a ground-mounted, grid solar electric generating facility at Ottapidaram, Tuticorin district in Tamil Nadu with a total installed 38.2 MW.