FCC

HUL, Brookfield tie-up for green energy

2023-12-05

Hindustan Unilever (HUL) announced a strategic partnership with Brookfield to set up a solar energy park with 45 MW capacity in Rajasthan. This will help HUL in its journey towards net zero. The project will be developed at the site of Brookfield?s solar park, being undertaken as a part of Brookfield Global Transition Fund.

HUL?s board approved an equity investment of up to 27.73% (and up to 32.24% including HUL's wholly-owned subsidiaries), in Transition Sustainable Energy Services One Private, a SPV incorporated by Brookfield, a leading global alternative asset manager with one of the world?s largest renewable power platforms. The SPV is formed under the Government's Group Captive Open Access Renewable Energy Scheme.

The project is aligned with the Indian Government's commitment in COP26 to reach 500 GW of non-fossil energy capacity by 2030; and will leverage group captive models for renewable energy procurement.

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.?