Chennai, Nov 21: Hyundai Motor India Limited (HMIL) has unveiled an ambitious plan to strengthen its renewable energy efforts with the establishment of two new renewable energy plants in Tamil Nadu. This move is part of HMIL's broader strategy to meet the RE100 goal by 2025. The RE100 initiative, led by the Climate Group, brings together global companies that are committed to switching to 100% renewable electricity.
As part of this initiative, HMIL has entered into a Power Purchase and Shareholder Agreement with Fourth Partner Energy Limited (FPEL) at its Chennai manufacturing facility. The agreement will see the development of a 75 MW solar plant and a 43 MW wind power plant, which will supply the required energy under a Group Captive Mode.
The project, valued at Rs 38 crore, will be structured as a Special Purpose Vehicle (SPV), with HMIL owning a 26% equity stake and FPEL holding the remaining 74%. The agreement ensures a 25-year renewable energy supply, moving HMIL closer to achieving its goal of 100% renewable electricity by 2025.
Currently, HMIL sources 63% of its energy needs from renewable sources and aims to lead the Indian automotive sector in full renewable energy adoption.
On this achievement, Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director & Chief Manufacturing Officer of HMIL, stated, “This partnership represents a significant milestone in Hyundai Motor India Limited's sustainability journey and reinforces our commitment to achieving the RE100 target by 2025. Our collaboration with FPEL will be pivotal in reaching this goal.”
