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Business Hyundai Motor Accelerates Renewable Energy Transition through Direct Power Purchase Agreement with Hyundai E&C
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Business Hyundai Motor Accelerates Renewable Energy Transition through Direct Power Purchase Agreement with Hyundai E&C
Business Hyundai Motor Accelerates Renewable Energy Transition through Direct Power Purchase Agreement with Hyundai E&C
Business Hyundai Motor Accelerates Renewable Energy Transition through Direct Power Purchase Agreement with Hyundai E&C
Hyundai Motor Accelerates Renewable Energy Transition through Direct Power Purchase Agreement with Hyundai E&C
SEOUL, November 23, 2023 – Hyundai Motor Company (Hyundai Motor) today signed a direct power purchase agreement (PPA) with Hyundai Engineering and Construction Co., Ltd. (Hyundai E&C) to shift to renewable energy in its Korean operations.
With this agreement, Hyundai Motor will supply 64 megawatts of solar power to the Hyundai Ulsan Plant in 2025. This plan is a part of Hyundai Motor’s global strategy to achieve Renewable Energy 100 (RE100) by 2045.
The direct PPA enables the parties to secure a long-term renewable energy supply. Procuring 64 megawatts of solar power for the Hyundai Motor’s Ulsan Plant will save approximately 39,000 tons of carbon per year, equivalent to absorbing the carbon emissions of 23,000 passenger cars.
“Through signing this PPA with Hyundai E&C, we will accelerate the transition to renewable energy at our domestic sites,” said Jin Taek Kim, Head of Production Support Division at Hyundai Motor Company. “Hyundai Motor aims to build a diverse renewable energy transition portfolio, including the construction of solar self-generation facilities, to achieve our global 2025 RE30 / 2030 RE60 goals.”
RE100 is a voluntary international campaign for companies to source 100 percent of their electricity from renewable energy sources by 2050. In April 2022, Hyundai Motor joined RE100, along with other companies of Hyundai Motor Group, further aligning with Hyundai Motor's carbon neutrality strategy by annually disclosing progress in the usage of renewable energy for the business.
As part of its RE100 strategy, Hyundai Motor will invest more than KRW 200 billion to build solar self-generation infrastructure at its domestic sites by 2025. The company plans to build 100 MW of solar self-generation on idle sites and build roofs at domestic locations to achieve Global RE30 (30 percent of the global goal) by 2025. By 2030, it plans to cumulatively convert more than 150 MW of solar self-generation and 300 MW of PPAs to renewable energy.
Hyundai Motor’s overseas operations are leading the way in ESG management with a plan to achieve RE100 in 2030, 15 years ahead of the 2045 carbon neutrality target. The company plans to procure 100 percent of its electricity from renewable energy by 2030 in overseas sites.
Globally, Hyundai Motor plans to build a diverse portfolio of self-generation of renewable energy, PPAs and purchase of renewable energy certificates (RECs) in consideration of geopolitical factors and policies/intentions of each location. The company’s Czech Republic (HMMC) and Indonesia (HMMI) plants achieved RE100 through REC purchases in 2022 and 2023, respectively. The U.S. (HMMA/HMGMA), India (HMI), and Turkey (HAOS) plants expect to achieve RE100 in 2025.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
