+
Hyundai to procure 118 MW of renewable energy from Fourth Partner
POWER & RENEWABLE ENERGY

Hyundai to procure 118 MW of renewable energy from Fourth Partner

Hyundai Motor India has signed agreements to source 118 MW of renewable energy from Fourth Partner Energy’s (FPEL) solar and wind projects. This will be done through a group captive open access arrangement, marking a significant step in Hyundai's sustainability efforts.

Hyundai and Fourth Partner have entered into two 25-year Power Purchase Agreements (PPAs) with FPEL TN Wind Farm, a special purpose vehicle (SPV) formed by Fourth Partner Energy. Under the agreement, the SPV will develop and manage a 75 MW solar project and a 42.9 MW wind project in Tamil Nadu.

As part of the deal, Hyundai will acquire a 26% stake in the SPV, investing Rs 380 million in multiple phases.

This move is part of Hyundai's broader strategy to enhance its renewable energy usage and reduce its carbon footprint. According to its 2023 annual report, the company met 64% of its energy needs from renewable sources and aims to achieve 100% renewable energy consumption by 2025.

Hyundai's “Integrated Solutions to Climate Change” initiative, which targets carbon neutrality by 2045, includes a commitment to expanding electrification, transitioning to renewable energy, and lowering emissions. The company has also installed a 10 MW solar project at its Chennai factory, which contributes 5% of its renewable energy.

Additionally, Hyundai has set an ambitious goal of achieving 10 million annual sales of electric vehicles in India by 2030. In 2022, the company announced that four of its subsidiaries had joined the RE100, a global initiative that encourages companies to switch to 100% renewable electricity.

Fourth Partner Energy, which is developing 1.2 GW of renewable energy projects across Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat, continues to play a key role in supporting Hyundai’s sustainability efforts.

(Mercom)

Hyundai Motor India has signed agreements to source 118 MW of renewable energy from Fourth Partner Energy’s (FPEL) solar and wind projects. This will be done through a group captive open access arrangement, marking a significant step in Hyundai's sustainability efforts. Hyundai and Fourth Partner have entered into two 25-year Power Purchase Agreements (PPAs) with FPEL TN Wind Farm, a special purpose vehicle (SPV) formed by Fourth Partner Energy. Under the agreement, the SPV will develop and manage a 75 MW solar project and a 42.9 MW wind project in Tamil Nadu. As part of the deal, Hyundai will acquire a 26% stake in the SPV, investing Rs 380 million in multiple phases. This move is part of Hyundai's broader strategy to enhance its renewable energy usage and reduce its carbon footprint. According to its 2023 annual report, the company met 64% of its energy needs from renewable sources and aims to achieve 100% renewable energy consumption by 2025. Hyundai's “Integrated Solutions to Climate Change” initiative, which targets carbon neutrality by 2045, includes a commitment to expanding electrification, transitioning to renewable energy, and lowering emissions. The company has also installed a 10 MW solar project at its Chennai factory, which contributes 5% of its renewable energy. Additionally, Hyundai has set an ambitious goal of achieving 10 million annual sales of electric vehicles in India by 2030. In 2022, the company announced that four of its subsidiaries had joined the RE100, a global initiative that encourages companies to switch to 100% renewable electricity. Fourth Partner Energy, which is developing 1.2 GW of renewable energy projects across Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat, continues to play a key role in supporting Hyundai’s sustainability efforts. (Mercom)

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code