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Hyundai Motor, SK E&S sign Korea's largest-ever power purchase agreement

Published: 30 Oct. 2024, 13:34 Updated: 30 Oct. 2024, 16:10

Hyundai Motor's solar panel facilities in Asan [HYUNDAI MOTOR]

Hyundai Motor said Wednesday it had signed a 610-gigawatt-hour (GWh) power purchase agreement (PPA) with SK E&S and other partners, the latest in its renewable energy transition efforts.

The automotive giant said its renewable energy supply deal with SK E&S, Hyundai Engineering & Construction, GS Engineering & Construction and ENlighten marks the country's largest PPA ever.

Under the agreement, Hyundai Motor will receive 610 GWh of renewable energy annually for the next 20 years from the companies for its domestic facilities.

The amount of energy is enough to fully charge the company's Ioniq 5 electric vehicle, equipped with an 84-kilowatt-hour battery, more than 7 million times.

Through the deal, Hyundai Motor expects to achieve a greenhouse gas reduction equivalent to approximately 5.6 million tons.

In addition to the PPA, Hyundai plans to accelerate its shift toward 100 percent renewable energy across both domestic and international facilities, tailoring environmentally friendly energy supply strategies to each location's unique conditions.

Yonhap