Hyundai Glovis (KRX:086280) signed a long-term virtual power purchase agreement with Hyundai Engineering and Construction (KRX:000720) to supply 127 gigawatt-hours of renewable energy to the latter over a period of 20 years, Pulse News reported Friday.
Shares of Hyundai Engineering and Construction fell nearly 3% in Monday morning trade.
The electricity, primarily solar-generated, will be certified as renewable by authorities and gradually applied across Hyundai Glovis' sites, the report said.
The VPPA, a key strategy under the RE100 initiative, allows Hyundai Glovis to promote carbon neutrality by indirectly investing in renewable energy infrastructure, it said.
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