Hyundai Motor India to Procure 118 MW RE Power from Fourth Partner Energy
Hyundai Motor India Ltd. has signed two 25-year power purchase agreements with Fourth Partner Energy to procure 75 MW of solar and 42.9 MW of wind power from the latter’s solar and wind projects in Tamil Nadu under a group captive model.
November 21, 2024. By Mrinmoy Dey
To this effect, the company has signed two 25-year power purchase agreements (PPA) – one for wind power and the other for solar power purchase, with FPEL TN Wind Farm Pvt. Ltd., a special purpose vehicle (SPV) formed by Fourth Partner Energy.
As part of the agreement, Hyundai Motor India will subscribe a minimum of 26 percent of shares in the SPV by investing approximately INR 38.05 crore in one or more tranches.
“To enhance the company’s source of renewable power energy, FPEL TN Wind Farm Pvt. Ltd. will establish a solar power plant with a 75 MW capacity and wind power of 42.9 MW capacity in Tamil Nadu having a capacity of 118 MW under group captive model for supply of renewable energy to the company,” shared Hyundai Motor India in an exchange filing.
Commenting on the development, Gopala Krishnan CS, Chief Manufacturing Officer, Hyundai Motor India Ltd. said, “As part of this partnership, HMIL will invest INR 38 crore towards setting up a 43 MW wind energy plant and a 75 MW solar energy plant in Tamil Nadu under the Group Captive Open Access model. This marks a pivotal milestone in HMIL'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’.”
Vivek Subramanian, Co-Founder and Executive Director, Fourth Partner Energy said, “We are proud to collaborate with HMIL in accelerating their journey towards 100 percent renewable energy. This next phase of our partnership with Hyundai is a 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. We are proud of HMIL's energy transition efforts and together, are setting a precedent for responsible energy consumption and contributing meaningfully to India's renewable energy goals.”
He further added that through this partnership, HMIL will procure over 25 crore units of clean energy annually resulting in carbon mitigation of about 2 lakh tonnes per year.
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