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Hyundai Motor India presently satisfies 63 percent of its power needs making use of sustainable resources (as on June 2024), and intends to get to the 100 percent mark in advance of a lot of car manufacturers in the nation.
Hyundai Motor India presently satisfies 63 percent of its power needs making use of sustainable resources (as on June 2024).
Hyundai Motor India Limited (HMIL) on Thursday claimed it has actually taken a considerable action in the direction of accomplishing its RE100 target by establishing 2 renewable resource plants inTamil Nadu The carmaker authorized a power acquisition and investor arrangement with Fourth Partner Energy Limited (FPEL).
As component of this collaboration, HMIL will certainly spend Rs 38 crore in the direction of establishing these renewable resource plants in Tamil Nadu.
This critical collaboration intends to boost HMIL’s renewable resource profile and shift to 100 percent sustainable electrical power throughout its production procedures by 2025.
” HMIL presently satisfies 63 percent of its power needs making use of sustainable resources (as on June 2024), and intends to get to the 100 percent mark in advance of a lot of car manufacturers in the nation. RE100 is an international company renewable resource campaign by the Climate Group, combining thousands of big and enthusiastic services dedicated to 100 percent sustainable electrical power,” HMIL claimed in a declaration.
The agreements were signed by Gopalakrishnan Chathapuram Sivaramakrishnan, whole-time director and chief manufacturing officer of HMIL, and Karan Chadha, national head (business development) of Fourth Partner Energy Limited (FPEL), at HMIL’s Chennai manufacturing plant in Tamil Nadu.
Sivaramakrishnan said, “This partnership marks a pivotal milestone in Hyundai Motor India Ltd’s journey and reaffirms our commitment towards sustainability. Our collaboration with FPEL will help us achieve the RE100 benchmark by 2025. By harnessing the potential of wind and solar power, we are not only reducing our carbon footprint but also living true to our global vision of ‘Progress for Humanity’. We believe this strategic collaboration will inspire other industries to embrace renewable energy and contribute to a sustainable future.”
As part of this partnership, HMIL will invest Rs 38 crore towards setting up these renewable energy plants inTamil Nadu These facilities will operate under a group captive mode with a special purpose vehicle (SPV) formed for engineering, procurement, construction, operations and maintenance. HMIL will hold 26 per cent and FPEL will hold 74 per cent equity stake in the project. This long-term agreement will ensure a 25-year supply of renewable energy to HMIL, it said.
Vivek Subramanian, co-founder & executive director at Fourth Partner Energy, said, “We are proud to collaborate with HMIL in accelerating their journey towards 100 per cent renewable energy. This next phase of our partnership with Hyundai Motor India Limited is testament to FPEL’s integrated capabilities and execution expertise across solar, wind and battery storage solutions. It also demonstrates the vital role corporates play in building and ensuring a sustainable future.”
Through this agreement, we will be supplying HMIL with over 25 crore units of clean energy every year, which will help the company mitigate CO2 emissions by 2 lakh tonnes annually. Together, we are setting a precedent for responsible energy consumption and contributing meaningfully to India’s renewable energy goals, he said.
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