Fourth Partner Energy Private Limited (FPEL) has signed a power purchase agreement (PPA) with Hyundai Motor India Limited for a period of 25 years for setting up a cumulative 117.9 MW solar and wind power projects in Tamil Nadu.
As per the PPA, FPEL will set up 75 MW solar and 42.9 MW wind power projects in Tamil Nadu through its special purpose vehicle (SPV), FPEL TN Wind Farm Private Limited under group captive model. Hyundai Motor will invest approximately Rs 380.5 million to acquire an equity stake of 26 per cent in the SPV.