Hyundai Motor Inks Major Renewable Energy Deal for US EV Plant

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Hyundai Motor announced the signing of a 174-megawatt power purchase agreement (PPA) with a solar energy project led by Spain’s Matrix Renewables. This agreement aims to provide renewable energy to power Hyundai’s electric vehicle (EV) plant in the United States.

The 15-year PPA with the Matrix Renewables-led Stillhouse Solar Project, spanning from 2025 to 2040, will fuel operations at Hyundai Motor Group Metaplant America. This facility represents the South Korean auto giant’s inaugural dedicated EV mass production plant in North America, currently under construction in Georgia.

In addition to powering Hyundai Motor Group’s EV plant, the energy generated from the solar project will support electrification-related operations at Hyundai Mobis’ North American business and Hyundai Steel’s production plant in Georgia, as reported by Yonhap news agency.

Hyundai highlighted that this deal represents the largest PPA signed by a South Korean company for the utilization of renewable energy at its US facilities. Although specific financial terms were not disclosed, the agreement is expected to yield significant carbon reduction benefits.

According to Hyundai, the anticipated carbon reduction effect from the agreement equates to approximately 140,000 tonnes annually. This reduction is akin to the carbon emissions produced by around 84,000 midsize sedans over the span of one year. News Desk

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