FMCG major Hindustan Unilever Ltd (HUL) on Friday (December 1) said the company has partnered with Brookfield to set up a solar energy park with 45 MW capacity in Rajasthan.
The project will be developed at the site of Brookfield’s solar park, being undertaken as a part of the Brookfield Global Transition Fund, according to a stock exchange filing.
HUL's board of directors has sanctioned an equity investment of up to 27.73% in Transition Sustainable Energy Services One Private Ltd, a special purpose vehicle (SPV) created by Brookfield under the government's Group Captive Open Access Renewable Energy Scheme.
This project aligns with India's COP26 goal of reaching 500 GW of non-fossil energy capacity by 2030, utilising group captive models for renewable energy procurement.
HUL is well placed to deliver on Scope 1 and 2 emissions reduction in line with the commitment to zero emissions in its operations by 2030. The company is also committed to net zero emissions for all its products — from sourcing to the point of sale — by 2039, the company added.
Rohit Jawa, HUL CEO and MD, said, "Collaboration is key to achieving our net zero commitment. The proposed green energy partnership is a step in the right direction. I am sure this will pave the way for more such transformative partnerships that align with environmental and economic sustainability and will help stakeholders across the value chain."
Nawal Saini, Managing Director of Renewable Power & Transition, Brookfield, said the company is excited to form this unique partnership wherein it will be supplying green energy at scale to HUL and its suppliers from a single location in Bikaner, which is a part of its larger 550-MW solar park.
Shares of Hindustan Unilever Ltd ended at ₹2,563.25, up by ₹16.55, or 0.65%, on the BSE.
(Edited by : Shoma Bhattacharjee)
