Hyundai India Plans Solar and Wind Energy Plants in Tamil Nadu to Achieve 100% Renewable Energy by 2025

Hyundai Motor India Limited (HMIL) has announced plans to set up two renewable energy plants in Tamil Nadu as part of its goal to transition to 100% renewable energy by 2025. The company is investing ₹38 crore into the project, which will include a 75 MW solar power plant and a 43 MW wind power plant.

In a strategic partnership with Fourth Partner Energy Limited (FPEL), Hyundai India has signed a 25-year agreement to ensure the supply of clean energy for its operations. Under the agreement, FPEL will provide over 25 crore units of renewable energy every year to HMIL, helping the company offset 2 lakh tons of CO2 emissions annually.

As of June 2024, Hyundai India already sources 63% of its energy from renewable sources. The company is working towards achieving its target of 100% renewable energy usage by 2025, as part of the RE100 initiative. The RE100 is a global initiative bringing together large businesses committed to using 100% renewable electricity.

The renewable energy plants will be established through a Special Purpose Vehicle (SPV) company, where Hyundai India will hold a 26% stake and FPEL will own 74%.

“We are not only reducing our carbon footprint by harnessing wind and solar energy but also staying true to our global vision of ‘Progress for Humanity,’” said Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director & Chief Manufacturing Officer at Hyundai India. “This collaboration will also serve as an example for other industries to adopt renewable energy and contribute to a more sustainable future.”

Hyundai’s move aligns with growing corporate efforts to combat climate change and adopt more sustainable practices, setting an example for the automotive industry and beyond in India.

Sources By Agencies