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 Private Limited, 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.”
About Brookfield Asset Management
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $850 billion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded, pure-play renewable power platforms, with approximately 31,300 megawatts of installed renewable energy capacity and a development pipeline of approximately 134,400 megawatts of renewable power assets, 13 million metric tonnes per annum ("MMTPA") of carbon capture and storage, 3 million tons of recycled material and 4 million metric million British thermal units of renewable natural gas production annually.
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