Hyundai Motor India will pick up 26% equity in FPEL TN Wind Farm, a special purpose vehicle, to source solar and wind power for its factories, for Rs 38 crore.
FPEL TN Wind Farm will establish a solar power plant with a 75 MW capacity and wind power of 42.9 MW capacity in Tamil Nadu.
Subscription of equity shares in the SPV will enable Hyundai to consume solar and wind power as a ‘captive user’ for a term of 25 years from the commercial operations.
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Spread over an area of 538 acres, Hyundai plants in the Kancheepuram district, have an annual production capacity of 850,000 cars. In October, Hyundai submitted a pre-feasibility report outlining plans for investments of Rs 1,500 crore.
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