Hindustan Unilever (HUL) has 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 of directors 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, 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 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.
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. HUL is also committed to net zero emissions for all its products, from sourcing to the point of sale, by 2039. This initiative will help to address the challenge of non-green energy consumption in HUL’s own and collaborative manufacturing units. It can also be expanded to strategic suppliers in the next phase.
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, renewable power & transition, Brookfield, added, “We are excited to form this unique partnership wherein we will be supplying green energy at scale to HUL and its suppliers from a single location in Bikaner which is a part of our larger 550 MW solar park. This park is dedicated to accelerating the decarbonization goals of both government and businesses in India.”
