Hyundai Partners with Fourth Partner Energy for Renewable Energy Projects in Tamil Nadu.

Hyundai Motor India Ltd. (HMIL) has signed a power purchase and shareholder agreement with Fourth Partner Energy Ltd. (FPEL) to establish two renewable energy projects in Tamil Nadu.

The collaboration will see FPEL develop a 75 MW solar power plant and a 42.9 MW wind power unit under the Group Captive Model through a special purpose vehicle (SPV). HMIL will invest ₹38 crore in the SPV, securing a 26% equity stake, while FPEL will hold the remaining 74%. The projects aim to supply renewable energy to HMIL for the next 25 years, aligning with the automaker's goal to transition to 100% renewable electricity across its manufacturing operations by 2025.

“Our collaboration with FPEL will help us achieve the RE100 benchmark by 2025,” said Gopalakrishnan CS, Whole-time Director & Chief Manufacturing Officer, HMIL.

The initiative is projected to supply HMIL with over 25 crore units of clean energy annually, reducing carbon emissions by 2 lakh tonnes each year. “This partnership represents a significant step towards HMIL’s decarbonization goals,” noted Vivek Subramanian, Co-Founder and Executive Director of Fourth Partner Energy.

Currently, HMIL meets 63% of its energy needs through renewable sources. The company has also installed a 10 MW rooftop solar plant at its Chennai manufacturing facility and has been purchasing green power from the Indian Energy Exchange since October 2022 to further boost its renewable energy portfolio.

HBL