Hindustan Unilever Ltd (HUL) has announced a strategic partnership with Brookfield to establish a 45 MW capacity solar energy park in Rajasthan. This move is part of HUL’s commitment towards achieving net zero emissions.
- Partnership Overview: The partnership between HUL and Brookfield, a global alternative asset manager with a significant renewable power platform, aims to contribute to HUL’s journey towards net zero emissions. Brookfield is known for having one of the world’s largest renewable power platforms.
- Financial Investment: HUL’s board has approved the acquisition of up to 27.73% for Rs 12.15 crore in Transition Sustainable Energy Services One Pvt Ltd. This entity is a special purpose vehicle (SPV) incorporated by Brookfield for this project.
- Project Location and Capacity: The solar energy park will be developed at the site of Brookfield’s solar park in Rajasthan. This initiative is a part of the larger Brookfield Global Transition Fund. The park will have a capacity of 45 MW and is part of a larger 550 MW solar park located in Bikaner, Rajasthan.
- Collaboration Goals: HUL emphasizes that collaboration is crucial for achieving its net zero commitment. The green energy partnership with Brookfield is considered a significant step towards environmental and economic sustainability. This project is expected to benefit stakeholders across the value chain.
- Energy Supply Strategy: Through this partnership, Brookfield plans to supply green energy at scale to HUL and its suppliers from this single location in Bikaner. The SPV formed under this partnership aims to generate renewable energy under the government’s group captive open access renewable energy scheme.
- Governance Changes at HUL: Alongside this announcement, HUL has appointed former Economic Affairs Secretary Tarun Bajaj as an Independent Director on its board, effective from December 1, 2023, for a period of five years.
This strategic partnership marks a significant step for HUL in its sustainability and renewable energy journey, aligning with broader environmental and economic sustainability goals. The project in Rajasthan not only contributes to HUL’s net zero commitment but also sets a precedent for future collaborations in the renewable energy sector.