Hyundai Motor India plans to enhance its renewable energy portfolio and transition to 100 per cent renewable electricity across its manufacturing operation.
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Hyundai Motor India has announced its plans to set up two renewable energy plants in Tamil Nadu, as a step towards achieving its RE100 target. The carmaker further stated that with this step, Hyundai plans to enhance its renewable energy portfolio and transition to 100 per cent renewable electricity across its manufacturing operations by 2025. Hyundai Motor India currently fulfills 63 per cent of its energy requirements using renewable sources.
RE100 is a global corporate renewable energy initiative by the Climate Group, bringing together hundreds of large and ambitious businesses committed to 100 per cent renewable electricity. To setup the new renewable energy plants, Hyundai Motor India has signed a Power Purchase and Shareholder Agreement with Fourth Partner Energy Limited (FPEL).
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As part of this partnership, Hyundai will invest 38 crore towards setting up these renewable energy plants in Tamil 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.
Hyundai’s idea of renewable energy
Hyundai Motor India stated that its Energy Management System involves conserving energy and resources throughout its operations, incorporating low-carbon practices and reducing emissions across the value chain. The company has further adopted large-scale practices in energy management like 100 per cent transition from conventional to LED lighting in the plant by 2017 and at all its offices and dealerships, thermo-ceramic coating on furnaces and ovens to reduce fuel consumption, steam elimination through waste heat recovery in paint shops, relocation of boilers to reduce transmission loss and installation of turbo chillers in paint shops.
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Hyundai has further installed a 10 MW rooftop solar plant at its manufacturing facility at Chennai. Since October 2022, the company has been strategically purchasing green power from Indian Energy Exchange (IEX) to increase its renewable energy portfolio.
Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director and Chief Manufacturing Officer, HMIL stated that by harnessing the potential of wind and solar power, the company is not only reducing its carbon footprint, but also living to its global vision of ‘Progress for Humanity’.
Vivek Subramanian, Co-Founder and Executive Director, Fourth Partner Energy, explained that through this agreement, FPEL will be supplying HMIL with over 25 crore units of clean energy every year, which will help the company mitigate CO2 emissions by two lakh tons annually.
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First Published Date: 21 Nov 2024, 14:12 PM IST
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