Hyundai Motor Group has announced a groundbreaking agreement with Spain's Matrix Renewables to secure renewable energy for its forthcoming electric vehicle (EV) manufacturing facility in the United States.
The agreement entails a 15-year Power Purchase Agreement (PPA) with the Matrix Renewables-led Stillhouse Solar Project, delivering 174 megawatts of solar energy from 2025 to 2040. This energy will fuel operations at Hyundai Motor Group Metaplant America, the company's inaugural EV production plant in North America, currently under construction in Georgia.
Furthermore, the renewable energy will support Hyundai Mobis' electrification-related operations in North America and Hyundai Steel's production facility in Georgia.
Described as the largest PPA signed by a South Korean company for renewable energy utilization at its US facilities, the deal underscores Hyundai's commitment to sustainability. Although financial terms were not disclosed, Hyundai estimates the agreement will lead to an annual carbon reduction of approximately 140,000 tonnes, equivalent to the emissions from approximately 84,000 midsize sedans in a year.
A Hyundai Motor official emphasized the significance of the contract, stating, “This contract marks a significant step for the group in securing renewable energy power,” and reaffirmed the group's commitment to investing in renewable energy for its US facilities in the future.
