Hyundai Motor India announced this week it has signed solar and wind power purchase agreements (PPAs) with FPEL TN Wind Farm, a special purpose vehicle (SPV) formed by Fourth Partner Energy.
Under the PPA, FPEL TN Wind Farm will establish and operate a 75 MW solar power plant and 42.9 MW wind power plant in Tamil Nadu under group captive model for renewable power supply to Hyundai Motor India. The PPA duration is 25 years from the commercial operation of the plants.
Pursuant to statutory requirements, Hyundai Motor India has signed an agreement to raise minimum 26% stake in these RE power plants (FPEL TN wind Farm) by investing INR 38 crore in one or more tranches.
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