Hyundai Motor India Limited (HMIL) has recently announced its plans to establish two renewable energy plants in order to achieve its goal of using 100% green power by 2025.
As of June 2024, the company already meets 63% of its energy needs through renewable sources. This initiative positions HMIL as a leader in the automotive sector in India when it comes to adopting renewable energy.
The company will invest Rs 38 crore in developing these facilities through a special purpose vehicle (SPV), which will handle all aspects of the project including engineering, procurement, construction, operations, and maintenance. HMIL will have a 26% equity stake in the SPV, while FPEL will own the remaining 74%. This partnership ensures that HMIL will have a renewable energy supply for 25 years, supporting its commitment to the RE100 benchmark by 2025.