Hyundai To Set Up Two Renewable Energy Plants In Tamil Nadu

Hyundai India has confirmed that it will be establishing two renewable energy plants in Tamil Nadu. The Indian arm of the South Korean car manufacturer has signed a Power Purchase and Shareholder Agreement with Fourth Partner Energy Limited (FPEL). This new agreement will enable Hyundai to transition its manufacturing operations to 100 per cent renewable electricity and help it reach the benchmark set by RE100 by 2025. 

Hyundai Motor India Limited (HMIL) currently fulfils 63 per cent of its energy requirements using renewable energy. As part of this newly signed agreement, HMIL will invest ₹38 crores to set up two renewable energy plants in the state—a 75 MW solar plant and a 43 MW wind power plant. These plants will operate in a group captive mode, and a special-purpose vehicle will be formed for engineering, procurement, construction, operations, and maintenance. 26 per cent of the plant will be owned by HMIL, while FPEL will hold the rest 76 per cent. Both brands have signed a long-agreement deal which will ensure 25 years of renewable energy supply to HMIL. 

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“This next phase of our partnership with Hyundai Motor India Limited is a testament to FPEL’s integrated capabilities and execution expertise across solar, wind, and battery storage solutions. It also demonstrates corporations' vital role in building and ensuring a sustainable future,” commented Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy. 

“We believe this strategic collaboration will inspire other industries to embrace renewable energy and contribute to a sustainable future,” concluded Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director & Chief Manufacturing Officer, HMIL.