Hyundai Gives Tamil Nadu INR 38-Cr Renewable Energy Shot in the Arm
Hyundai Motor India Ltd, the country’s second-largest car maker by volume, is stepping up its capacity to source power from renewable energy by setting up two renewable energy plants in Tamil Nadu at a cost of INR 38 crore. This initiative is in line with the company's commitment to achieve 100 percent renewable electricity across its manufacturing operations by 2025.
Hyundai has inked a power purchase and shareholder agreement with Fourth Partner Energy Pvt Ltd, marking a strategic collaboration. The plants will operate under a group captive model in which several consumers share a dedicated power source. Hyundai will own 26 percent of the project’s equity, and the rest will be held by Fourth Partner Energy. The deal secures the renewable energy supply for the next 25 years to Hyundai’s facilities.
Presently, Hyundai fulfills 63 percent of its energy requirements through renewable sources. It has taken a slew of green initiatives to reach the ambitious RE100 goal, including LED lighting upgrades, thermo-ceramic furnace coatings, waste heat recovery systems, and rooftop solar installations. The company has already installed a 10 MW solar plant at its Chennai facility and has been sourcing green power through the Indian Energy Exchange since 2022. This investment underlines Hyundai’s commitment to sustainable manufacturing while reinforcing Tamil Nadu’s leadership as a hub for clean energy initiatives.