South Korea is about to get a huge boost to its renewable energy capacity with the deployment of 100MW of solar within the next two years.
A joint venture between Hyundai and Peak Energy has been created to strengthen the decarbonisation of the country’s automotive supply chain.
The deal will help domestic suppliers gain better long-term visibility into power costs, reduce exposure to electricity price volatility, strengthen manufacturing competitiveness and advance the decarbonisation of the supply chain.
A spokesperson for Hyundai Motor Securities’ Infrastructure Investment Division, said: “Hyundai Motor Securities plans to combine competitive financing structures with strong project execution capabilities, enabling domestic suppliers to adopt solar PPAs in a reliable and sustainable manner.
“We will continue to expand the initiative, contributing to carbon emissions reductions across the supply chain and supporting its long-term sustainable growth.”
At launch, the joint venture has already secured five projects with major suppliers to Hyundai Motor, which have totalled 13MW.
This also marks the starting point for a much larger potential rollout across several hundred supplier sites nationwide.
The long-term potential for 100 MW of industrial rooftop solar capacity is equivalent to approximately 55,000 tons of CO₂ emissions avoided each year, or more than one million tons over the lifetime of the assets.
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