Hyundai to procure 118 MW of renewable energy from Fourth Partner

26 Nov 2024 CW Team

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)

Infrastructure Energy

09 Jan 2026

Rajesh Power Secures 65 MW BESS Project in Gujarat

Rajesh Power Services has recently secured a 65 MW / 130 MWh standalone Battery Energy Storage System (BESS) project in Gujarat, marking its entry into utility-scale energy storage. The company received a Letter of Intent from Gujarat Urja Vikas Nigam for the project, which will be developed at Virpore under a tariff-based competitive bidding mechanism supported by Viability Gap Funding through the Power System Development Fund.The project is expected to be executed within 18 months from the signing of the Battery Energy Storage Purchase Agreement. With the ability to supply 65 MW of power for..

ONGC Forms JV with MOL for Ethane Shipping Operations

Oil and Natural Gas Corporation (Oil and Natural Gas Corporation) has recently entered the ethane shipping segment through joint venture agreements with M/s Mitsui O.S.K. Lines Ltd (Mitsui O.S.K. Lines), Japan. The agreements involve equity participation in two joint venture entities—Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited—registered at GIFT City, Gandhinagar.Under the arrangement, ONGC will subscribe to 2,00,000 equity shares of Rs 100 each in both entities, resulting in a 50 per cent equity holding in each joint venture, with the remaining stake ..

Waaree Energy Storage Raises Rs 10.03 Billio for 20 GWh Plant

Waaree Energy Storage Solutions Private, a subsidiary of Waaree Energies, has recently completed a strategic fund raise of around Rs 10.03 billion from a group of strategic investors, including family offices, high-net-worth individuals and institutional backers. The funding strengthens the company’s position in India’s rapidly expanding energy storage ecosystem.The capital raise forms part of an announced capital expenditure programme of nearly Rs 100 billion for setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. The plant will manufacture high-performa..