Hyundai Motor signs 64-megawatt energy deal with Hyundai E&C to speed up zero-emission production
Hyundai Motor Co. said Thursday it has signed a solar power purchase agreement (PPA) with Hyundai Engineering & Construction Co. to speed up the company's carbon-neutral production policy, Azernews reports, citing Yonhap.
Under the agreement, Hyundai Motor plans to procure 64 megawatts of solar renewable energy from the builder for its Ulsan plant by 2025. Financial terms of the agreement were not disclosed.
According to Hyundai, the deal marks the single-largest PPA signed by a domestic company. The companies anticipate an annual carbon reduction effect of 39,000 tons through the initiative.
In 2021, Hyundai announced a goal to become completely carbon neutral by 2045. It has been making efforts to reduce carbon emissions across its entire value chain.
In addition to the PPA, Hyundai Motor plans to invest over 200 billion won (US$153.9 million) in the construction of solar self-generation infrastructure within domestic business premises by 2025.
Based on the measure, the company aims to derive 60 percent of the total electricity for both domestic and international facilities from renewable energy by 2030.
Hyundai Motor said it is pushing for 100 percent use of renewable energy in its overseas facilities by 2030. Means to achieve this goal include self-generation energy, PPAs and the purchase of renewable energy certificates.
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