Significant Step to Achieve 100% Renewable Energy by 2025
Hyundai Motor India Limited (HMIL) has joined forces with Fourth Partner Energy Limited (FPEL) to establish two renewable energy plants in Tamil Nadu, marking a significant step towards achieving its goal of 100% renewable electricity for its manufacturing operations by 2025. The partnership, valued at INR 38 crore, will see the plants powered by wind and solar energy, reducing HMIL’s carbon footprint while supporting India’s renewable energy objectives. The agreement involves a 25-year commitment to supply clean energy, enhancing Hyundai’s sustainability efforts in India.
Strategic Partnership to Boost Renewable Energy Supply
The joint venture will operate under a Special Purpose Vehicle (SPV), with HMIL holding a 26% stake and FPEL the remaining 74%. This collaboration ensures a reliable, long-term supply of renewable energy to HMIL’s manufacturing plants. With this new venture, HMIL aims to meet 100% of its energy needs from renewable sources, positioning the company ahead of its competitors in the Indian automotive sector. The move is part of the global RE100 initiative, reinforcing Hyundai’s commitment to a greener future.
HMIL’s Ongoing Commitment to Sustainability
HMIL has already made significant strides in its energy management, currently sourcing 63% of its energy from renewable sources as of June 2024. The company has implemented various energy-efficient practices, such as transitioning to LED lighting and optimizing its production processes with energy-saving technologies. Through this new partnership, HMIL expects to mitigate 2 lakh tons of CO2 emissions annually, further contributing to India’s renewable energy targets and setting a benchmark for responsible energy consumption in the automotive industry.
