Hyundai Motor India Limited (HMIL) on Thursday announced setting up of two renewable energy plants in Tamil Nadu with an investment of Rs 38 crore.
The automaker will set up a 75 megawatt (MW) solar plant and a 43 MW wind power plant in the state with Fourth Partner Energy Limited (FPEL) to meet the company’s renewable energy requirements.
The move aims to enhance HMIL’s renewable energy portfolio and transition to 100 per cent renewable power in its manufacturing operations by 2025. “Our collaboration with FPEL will help us achieve the RE100 benchmark by 2025.
By harnessing the potential of wind and solar energy, we are not only reducing our carbon footprint but also living up to our global vision of ‘Progress for Humanity’,” said Gopalakrishnan C. Sivaramakrishnan, Whole-time Director and Chief Manufacturing Officer, said. HMIL.
The automaker currently meets 63 percent of its energy requirements using renewable sources (by June 2024), and aims to reach the 100 percent mark ahead of most automakers in the country.
RE100 is a global corporate renewable energy initiative from Climate Group, bringing together hundreds of large and ambitious businesses committed to 100 percent renewable electricity.
These facilities will be operated under group captive mode with a special purpose vehicle (SPV) formed for engineering, procurement, construction, operation and maintenance.
HMIL will have 26 per cent stake in the project and FPEL will have 74 per cent equity stake, which will ensure 25 years of supply of renewable energy to HMIL.
According to Vivek Subramaniam, Co-Founder and Executive Director, Fourth Partner Energy, through this agreement, “We will supply more than 25 crore units of clean energy every year to HMIL, helping the company reduce CO2 emissions by 2 lakh tonnes annually. Help will be available.” ,
HMIL has also installed a 10 MW rooftop solar plant at its manufacturing facility in Chennai. The automaker recorded total sales of 70,078 units in October, its third highest domestic sales as well as its third highest monthly total sales number since inception.
Domestic sales in October stood at 55,568 units and exports stood at 14,510 units, an overall sales growth of 2 per cent over the year-ago period (total 68,728 units).
