Hyundai Motor India Limited (HMIL) has partnered with Fourth Partner Energy (FPEL) to procure 75 MW of solar power and 43 MW of wind power for its Chennai manufacturing operations. The collaboration involves an investment of Rs 380 million by HMIL to establish a renewable energy plant in Tamil Nadu under the group captive open access model.
HMIL will hold a 26 per cent equity stake in the project, while FPEL will retain the remaining 74 per cent. The 25-year power purchase agreement (PPA) will enable HMIL to meet 100 per cent of its energy requirements through renewable sources, compared to the current 63 per cent. The project will generate over 250 million units of clean energy annually, helping to mitigate approximately 200,000 tonnes of carbon emissions each year.
HMIL has also installed a 10 MW rooftop solar plant at its Chennai facility and has been sourcing green power from the Indian Energy Exchange since October 2022 to increase its reliance on renewable energy sources.
