CapEx News
Project News,Updates,Bids & Tenders for Consultants,EPC Contactors,Industrial Suppliers & Service Providers
Hyundai Motor India partners with FPEL to set up RE plants in Tamil Nadu
Power Generation - Nov 28,2024 -Hyundai Motor India (HMIL) has partnered with Fourth Partner Energy (FPEL) to establish renewable energy plants at its manufacturing facility in Tamil Nadu.
The initiative involves a Rs 38 crore investment and will feature a 75 MW solar plant and a 43 MW wind power plant. This collaboration is aimed at fulfilling Hyundai's renewable energy requirements for the next 25 years, with plans to transition to 100 percent renewable electricity by 2025
The two power plants will be developed under a group captive model, with a special purpose vehicle (SPV) to oversee engineering, procurement, construction, and maintenance.
HMIL will hold a 26 percent equity stake in the project, while FPEL will own the remaining 74 percent. This long-term agreement ensures a reliable supply of renewable energy to the automaker, set to meet its sustainability targets.
The new plants in Tamil Nadu will further enhance Hyundai's RE portfolio and contribute to its commitment to clean, sustainable energy across its manufacturing operations.
Hyundai's move is aligned with the global RE100 initiative, a corporate renewable energy campaign supporting companies aiming for 100 percent renewable electricity. As of June 2024, HMIL sources 63 percent of its energy from renewable sources.
Recent News
◉ SWELECT Energy secures over 150 MW of solar module - Mar 13,2025◉ RVNL emerges as lowest bidder for Rs 554.64 crore road contract - Mar 13,2025
◉ MoU inked for developing Multi-Modal Logistics Park in Varanasi - Mar 13,2025
◉ Danfoss India to invest Rs 1,200 crore by 2028 - Mar 13,2025
◉ SJVN to develop Rs 9,500 crore pumped storage project - Mar 13,2025
◉ JNPA signs concession agreement for Rs 285-crore agri-processing facility - Mar 13,2025
◉ Montra Electric opens e-SCV manufacturing plant in Chennai - Mar 13,2025