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)

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