Hindustan Unilever joins forces with Brookfield for 45 MW solar energy park
04 Dec 2023
On Friday, 1 December 2023, Hindustan Unilever Ltd. announced that it is planning to set up a 45 MW solar energy park in Rajasthan in partnership with a global leader in alternative asset management, Brookfield.
This project will help Hindustan Unilever move closer to its net-zero target.
Hindustan Unilever’s board of directors has approved an equity investment of up to 27.73% in Transition Sustainable Energy Services One Pvt. Ltd.
This is a special-purpose vehicle (SPV) integrated by Brookfield, which has some of the world’s largest renewable energy platforms.
The government’s Group Captive Open Access Renewable Energy Scheme has allowed the formation of this SPV.
In COP 26, the Indian government made its commitment to reach 500 GW of non-fossil energy capacity by 2030. This project aims to align its interests with the government’s commitment.
Hindustan Unilever Limited stated that it intends to use group captive models for renewable energy procurement.
Hindustan Unilever Limited also announced its commitment to achieving net-zero emissions for all its products, encompassing the entire supply chain, by the year 2039.
Expressing his perspective, Rohit Jawa, Chief Executive and Managing Director of Hindustan Unilever, emphasized the significance of collaboration in realizing their net-zero commitment. He expressed confidence that this collaborative approach would lead to additional transformative partnerships aligned with both environmental and economic sustainability, benefiting stakeholders throughout the value chain.