Hyundai Motor India Ltd. (HMIL) is set to strengthen its sustainability efforts by establishing two renewable energy plants in Tamil Nadu. The initiative is part of the company’s goal to meet the RE100 standard, a global initiative that brings together businesses committed to sourcing 100% of their energy from renewable sources. As of June 2024, HMIL already meets 63% of its energy needs through renewable energy, and the new plants will help the company move closer to its goal of full renewable energy adoption.
The agreement was signed by Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director & Chief Manufacturing Officer of HMIL, and Karan Chadha, National Head of Business Development at FPEL. Speaking at the signing, Gopalakrishnan emphasized how the partnership will support HMIL’s renewable energy targets and reduce its carbon footprint.
Under the partnership, HMIL will invest Rs 38 crores in the project, holding a 26% equity stake, while FPEL will own the remaining 74%. The plants are expected to generate over 25 crore units of clean energy annually over the next 25 years, reducing CO2 emissions by 2 lakh tons per year. Vivek Subramanian, Co-Founder & Executive Director of FPEL, noted that the collaboration would contribute significantly to India’s renewable energy goals and assist HMIL in transitioning to sustainable energy consumption.
HMIL has already made strides in energy conservation with initiatives like a 10 MW rooftop solar plant at its Chennai facility, energy-efficient lighting, and waste heat recovery systems. The company has also been purchasing green power from the Indian Energy Exchange since October 2022 to further enhance its renewable energy use.
Future Power Energy Limited (FPEL) is a leading renewable energy company in India, specializing in the development, financing, and operation of clean energy projects. FPEL focuses on creating sustainable solutions for industries and businesses by providing reliable renewable power sources, including solar, wind, and hybrid energy systems.
With a strong commitment to supporting India’s transition to a green economy, FPEL plays a crucial role in helping companies reduce their carbon footprint while contributing to national energy goals. Through strategic partnerships and innovative projects, FPEL is driving the growth of renewable energy infrastructure in India, making significant strides toward achieving the country’s sustainability targets.
Hyundai Motor India Ltd. (HMIL) is a prominent player in the Indian automotive market and a subsidiary of the South Korean Hyundai Motor Company. Since its inception in 1996, HMIL has grown to become one of the largest car manufacturers in India, offering a wide range of vehicles from compact cars to premium sedans and SUVs.
Known for its innovation, quality, and customer-centric approach, HMIL has earned a reputation for introducing advanced technologies, safety features, and fuel-efficient models. The company is also committed to sustainability, with initiatives aimed at reducing its environmental impact through energy conservation, the adoption of renewable energy, and the promotion of eco-friendly vehicles like electric and hybrid models.
