Hyundai Motors Drives Towards 100% Renewable Energy

Hyundai Motor India Ltd is advancing its renewable energy goals by partnering with Fourth Partner Energy to establish solar and wind energy plants in Tamil Nadu. Aiming for complete renewable electricity by 2025, the company will invest Rs 38 crore in this project that will mitigate CO2 emissions significantly.

Hyundai Motor India Ltd (HMIL) is accelerating its sustainability efforts by planning two renewable energy plants at its Tamil Nadu manufacturing unit. The move is part of a wider strategy to achieve 100% renewable electricity in operations by 2025.

The company entered a power purchase and shareholder agreement with Fourth Partner Energy Ltd (FPEL) to establish a 75 MW solar and a 43 MW wind power plant to fulfill its renewable energy needs. The collaboration sees HMIL holding a 26% equity stake, while FPEL holds 74% in the group captive project.

HMIL committed Rs 38 crore to this venture, which will run for 25 years, supplying over 25 crore units of clean energy annually and reducing CO2 emissions by 2 lakh tonnes. This initiative places HMIL ahead in the race to renewable energy among automakers.

(With inputs from agencies.)