Hindustan Unilever Limited (HUL) Collaborates with Brookfield to Establish Solar Energy Park

Fast-Moving Consumer Goods (FMCG) giant Hindustan Unilever Ltd. (HUL) is making significant strides towards sustainability by entering into a strategic partnership with Brookfield to establish a solar energy park boasting a formidable 45 MW capacity in the state of Rajasthan.

The decision was cemented during a recent meeting of the company's board of directors, where they gave the green light for an equity investment of up to 27.73 percent (or up to 32.24 percent, considering HUL's wholly-owned subsidiaries) in Transition Sustainable Energy Services One Private Ltd. This entity serves as a special purpose vehicle (SPV) and was created by Brookfield, a globally renowned alternative asset manager celebrated for possessing one of the world's largest renewable power platforms.

HUL emphasizes that this initiative aligns seamlessly with the ambitious goals set by the Indian Government during COP26, aiming to achieve a staggering 500 GW of non-fossil energy capacity by the year 2030.

Rohit Jawa, the Chief Executive Officer and Managing Director of HUL, expressed his enthusiasm for the collaboration, emphasizing its crucial role in realizing the company's net-zero commitment. "Collaboration is key to achieving our net zero commitment. The proposed green energy partnership is a step in the right direction. I am sure this will pave the way for more such transformative partnerships that align with environmental and economic sustainability and will help stakeholders across the value chain," remarked Jawa, highlighting the broader impact and positive implications of such collaborative endeavors.

HBL