IANS | 22 Apr, 2024
Hyundai Motor Group said on Monday it has signed a 174-megawatt power
purchase agreement (PPA) with a solar energy project led by Spain's
Matrix Renewables to power its envisioned electric vehicle (EV) plant in
the United States with renewable energy.
The 15-year PPA with the Matrix Renewables-led
Stillhouse Solar Project from 2025 to 2040 will be used to operate
Hyundai Motor Group Metaplant America, the South Korean auto giant's
first dedicated EV mass production plant in the North American country,
currently under construction in the state of Georgia.
The
energy will also be used in the electrification-related operations of
Hyundai Mobis' North American business and Hyundai Steel's production
plant in Georgia, reports Yonhap news agency.
According to
Hyundai, the deal marks the biggest PPA signed by a South Korean company
for the use of renewable energy at its US facilities. Financial terms
weren't disclosed.
Hyundai said the expected carbon
reduction effect through the deal amounts to approximately 140,000
tonnes annually, which roughly amounts to the carbon emissions from
around 84,000 midsize sedans over the course of one year.
"This
contract marks a significant step for the group in securing renewable
energy power," a Hyundai Motor official said, adding that the group will
further invest in the transition to renewable energy for its U.S.
facilities in the future.
