Qatar Threatens EU Gas Cut as Winter Energy Crisis Looms
Hyundai Motor India Limited (HMIL) has unveiled plans to establish two renewable energy plants in Tamil Nadu as part of its commitment to achieving the RE100 target by 2025. This ambitious initiative aligns with the global RE100 campaign, which encourages companies to transition to 100% renewable electricity.
As part of this effort, HMIL has signed a Power Purchase and Shareholder Agreement with Fourth Partner Energy Limited (FPEL) for the installation of a 75 MW solar power plant and a 43 MW wind power plant. The plants will cater to HMIL’s energy needs through a Group Captive Mode arrangement.
The agreement marks a significant investment of Rs 38 crore, structured as a Special Purpose Vehicle (SPV), with HMIL holding a 26% equity stake and FPEL holding the remaining 74%. The plants are designed to provide HMIL with renewable energy for the next 25 years, contributing to the company’s goal of fully transitioning to renewable energy by 2025.
HMIL currently sources 63% of its energy from renewable sources and aims to lead the Indian automotive industry in adopting 100% renewable energy. By harnessing solar and wind power, the company expects to reduce its carbon footprint and contribute to global sustainability efforts.
Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director & Chief Manufacturing Officer at HMIL, emphasized the importance of the partnership with FPEL in achieving the RE100 benchmark. “This partnership is a pivotal milestone in our journey towards sustainability, helping us reduce our carbon footprint and live up to our global vision of ‘Progress for Humanity,'” he said.
Through this collaboration, HMIL anticipates receiving over 25 crore units of clean energy annually, which will help mitigate CO2 emissions by 2 lakh tons per year. Vivek Subramanian, Co-Founder & Executive Director at FPEL, highlighted the significance of this agreement in setting a precedent for responsible energy consumption and contributing to India’s renewable energy targets.
HMIL has already taken significant steps toward sustainability, including the operation of a 10 MW rooftop solar plant at its Chennai facility and the transition of all its manufacturing units, offices, and dealerships to 100% LED lighting since 2017. Other energy-efficient initiatives include waste heat recovery systems, the use of energy-efficient equipment, and the strategic procurement of green power from the Indian Energy Exchange (IEX).
Through these initiatives, Hyundai Motor India is paving the way for a sustainable future while continuing to lead in the adoption of renewable energy in India’s automotive sector.
Evo Morales faces charges for allegedly abusing a teenage girl during his presidency. A judge…
A megaquake is defined as an earthquake with a magnitude of 8 or greater, capable…
UK’s hospital rebuild program, initially promised by Boris Johnson, is delayed, with half of the…
Kate later took to Instagram to share that her cancer was in remission.
Asif William Rahman illegally shared secret information on Israel's plans to attack Iran. His actions…
Violence erupted in Porto Velho after a police officer's death, leading to retaliatory attacks by…