Hyundai Motor India Limited (HMIL) has announced plans to establish two renewable energy plants in Tamil Nadu, investing ₹38 crore. This initiative supports Hyundai’s goal of transitioning to 100% renewable energy by 2025.
The project includes a 75 MW solar plant and a 43 MW wind power plant. Hyundai has entered a 25-year partnership with Fourth Partner Energy Limited (FPEL) to implement the initiative. This agreement will supply HMIL with over 25 crore units of clean energy annually, reducing CO2 emissions by 2 lakh tons each year.
Currently, Hyundai fulfills 63% of its energy needs through renewable sources, as of June 2024. The automaker aims to meet its total energy requirements with renewables by 2025, aligning with the RE100 initiative.
The renewable energy plants will be developed through a Special Purpose Vehicle (SPV) company. Hyundai will hold a 26% stake, while FPEL will own 74%. This collaboration highlights Hyundai’s commitment to sustainability and reducing its environmental impact.
Hyundai’s proactive measures demonstrate its dedication to combating climate change. Through this investment, the company is setting an example for industries to embrace clean energy solutions while contributing to a greener planet.
Harnessing wind and solar power not only helps reduce carbon footprint but also aligns with Hyundai’s vision of ‘Progress for Humanity.’ This partnership will inspire other industries to adopt renewable energy and support a sustainable future.
Reference- Mercom India, Hindustan Times, Hyundai website & PR, Business Standard