Seoul: Hyundai Motor Co. announced on Wednesday that it has entered into a 610-gigawatt-hour (GWh) power purchase agreement (PPA) with SK E and S Co. and additional partners. This marks a significant step in the company’s ongoing transition towards renewable energy.
According to Yonhap News Agency, the agreement with SK E and S, Hyundai Engineering and Construction Co., GS E and R Corp., and ENlighten Co. represents the largest PPA in South Korea’s history. The agreement stipulates that Hyundai Motor will receive 610 GWh of renewable energy annually for the next two decades to power its domestic facilities.
The renewable energy provided is sufficient to fully charge the Hyundai Ioniq 5 electric vehicle, which features an 84-kilowatt-hour battery, more than 7 million times. Hyundai Motor anticipates that this deal will facilitate a reduction in greenhouse gas emissions equivalent to approximately 5.6 million tons.
Beyond this agreement, Hyundai aims to expedite its transition to 100 percent renewable energy
across both its domestic and international operations. The company plans to develop eco-friendly energy supply strategies that are tailored to the specific conditions of each location.