Hyundai Motor Group has inked a 15-year power agreement with Spain’s Matrix Renewables to power its under-construction Georgia Metaplant with solar energy, as the South Korean automaker shifts focus from electric vehicles (EVs) to hybrids.
According to the agreement, Matrix Renewables will supply up to 147 MW of energy from its Stillhouse Solar Project in Bell County, Texas, to Hyundai, accounting for 70% of the project’s 210 MW solar energy generation capacity. The solar project is slated to commence commercial operation by October 2025.
The power purchase agreement will run from 2025 through 2040, providing Hyundai with 378 GWh of solar energy annually for its Georgia Metaplant, which was initially intended for exclusive EV production. However, Hyundai recently announced plans to pivot towards hybrid production at the facility, aiming to offset losses from the slowdown in EV sales.
Despite the shift, Hyundai Motor of America reported a significant 62% year-over-year increase in electric vehicle sales in Q1 2023. “We saw the best Q1 total sales results influenced by Palisade, Kona, and IONIQ. We’re thrilled about the all-new Santa Fe, our successful NY Auto Show, where IONIQ 5 N won World Performance Car of the Year, and the introduction of the refreshed Tucson and Santa Cruz,” said Randy Parker, CEO, Hyundai Motor America.
