HUL partners Brookfield to set up 45 MW solar energy park in Rajasthan – EQ

In Short : The solar park will be developed, financed, and operated by Brookfield, a leading global renewable energy company. HUL will purchase the entire power output from the solar park, which will help reduce its carbon footprint and contribute to the company’s sustainability goals.

In Detail : The project is aligned with Government’s commitment in COP26 to reach 500 GW of non-fossil energy capacity by 2030

Fast-Moving Consumer Goods (FMCG) major Hindustan Unilever Ltd (HUL) has partnered with Brookfield to set up a solar energy park with 45 MW capacity in Rajasthan.

The company board of directors has approved an equity investment of up to 27.73 per cent (and up to 32.24 per cent including HUL’s wholly-owned subsidiaries), in Transition Sustainable Energy Services One Private Ltd, a special purpose vehicle (SPV) incorporated by Brookfield, a leading global alternative asset manager with one of the world’s largest renewable power platforms.

The company stated that the project is aligned with the Indian Government’s commitment in COP26 to reach 500 GW of non-fossil energy capacity by 2030.

“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,” said Rohit Jawa, CEO and MD of HUL.