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Hyundai Motor India Limited (HMIL) is making a key move toward sustainable manufacturing with plans for two renewable energy facilities in Tamil Nadu.
Date: November 22, 2024
New Delhi- Hyundai Motor India Limited (HMIL)., is making a major stride toward sustainable manufacturing by planning two renewable energy facilities in Tamil Nadu. These projects are key to achieving the automaker's RE100 goal of operating with 100% renewable electricity by 2025.
In partnership with Fourth Partner Energy Limited (FPEL), HMIL has signed a Power Purchase and Shareholder Agreement to drive renewable energy development. The agreement includes the establishment of a 75 MW solar power plant and a 43 MW wind power facility, projected to generate over 250 million units of renewable electricity annually. Together, these projects aim to offset 200,000 tons of CO2 emissions every year.
As part of the agreement, HMIL will invest ₹38 crore in a Special Purpose Vehicle (SPV) created for this initiative, securing a 26% equity stake, while FPEL will hold the remaining 74%. The plants will operate under a Group Captive Mode, ensuring a 25-year supply of clean energy for HMIL’s manufacturing operations in Tamil Nadu.
Mr. Gopalakrishnan C. Sivaramakrishnan, HMIL’s Whole-time Director & Chief Manufacturing Officer, said, “This initiative aligns with Hyundai’s vision of advancing sustainability through innovation. Harnessing wind and solar power will significantly reduce our environmental footprint and set an industry benchmark in renewable energy adoption.”
Mr. Vivek Subramanian, Executive Director at FPEL, said, “We are delighted to contribute to Hyundai’s renewable energy journey. This partnership demonstrates how corporations can lead the way in creating a greener future by integrating clean energy into their operations.”
HMIL, already sourcing 63% of its energy from renewables, is advancing toward its 100% target. Key initiatives include a 10 MW rooftop solar plant at its Chennai facility, full LED adoption across operations, and energy-efficient systems like waste heat recovery. This collaboration highlights HMIL’s commitment to sustainability and its leadership in renewable energy adoption within the automotive industry.
