Hyundai Motor India Limited (HMIL) has partnered with Fourth Partner Energy (FPEL) to develop a 118 MW renewable energy project in Tamil Nadu, consisting of a 75 MW solar farm and a 43 MW wind park.
This collaboration involves a 25-year power purchase agreement (PPA) and a shareholder deal, with HMIL investing INR 380 million (USD 4.49 million/EUR 4.27 million) in the venture. HMIL will hold a 26% stake, while FPEL will retain the majority share of 74%.
The renewable energy facilities will operate under a group captive mode, with a special purpose vehicle (SPV) responsible for the engineering, procurement, construction, operations, and maintenance.
This initiative aligns with Hyundai's goal to transition to 100% renewable electricity in its manufacturing operations by 2025, having already achieved 63% of this target.
FPEL, based in Hyderabad, is focused on delivering renewable energy solutions, including solar, wind, battery storage, and EV charging, to commercial and industrial sectors. The company recently secured a USD 275 million equity investment to support its expansion, with a target of developing a 3.5 GW renewable energy portfolio by 2026.
