Hyundai India to set up a solar and wind energy plant in Tamil Nadu for 100% renewable energy transition goal

Also Read: Ola Electric may lay off 500 workers as company faces financial challenges: Report

This will include a 75 MW solar plant and a 43 MW wind power plant, the automaker announced in a press statement on Thursday, October 22, 2024.

For this, Hyundai India has signed a 25-year agreement with Fourth Partner Energy Limited (FPEL).

“Through this agreement, we will be supplying HMIL with over 25 crore units of clean energy every year, which will help the company mitigate CO2 emissions by 2 lakh tons annually,” said Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy.

As of June 2024, Hyundai has been fulfilling 63% of its energy requirements using renewable sources, the company said.

Also Read: Google asked employees to destroy evidence for years in bid to avoid antitrust scrutiny: Report

It aims to use renewable energy entirely by 2025 as part of the RE100 initiative, which is a global corporate renewable energy initiative by the Climate Group, for bringing together hundreds of large businesses to use 100% renewable electricity.

The project will be done through a Special Purpose Vehicle (SPV) company in which Hyundai will hold a 26% stake while FPEL will hold 74%.

“By harnessing the potential of wind and solar power, we are not only reducing our carbon footprint, but also living true to our global vision of ‘Progress for Humanity,’” said Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director & Chief Manufacturing Officer at HMIL. “We believe this strategic collaboration will inspire other industries to embrace renewable energy and contribute to a sustainable future.”

Also Read: Wipro chairman Rishad Premji explains why work-life balance is important