Hero Future Energies to invest Rs 30,000 cr for renewable energy development in Andhra Pradesh

Hero Future Energies has inked an initial pact with the Andhra Pradesh government to invest Rs 30,000 crore to develop renewable energy facilities in the state.

''Hero Future Energies (HFE) is delighted to announce the signing of a Memorandum of Understanding with the Government of Andhra Pradesh, as per which it will be setting up renewable energy facilities in the state and work closely with the state Government to catalyse economic growth in Andhra Pradesh,'' a statement said.

The MoU, signed on the sidelines of the Andhra Pradesh Global Investor's Summit 2023, states that Hero Future Energies plans to invest a sum of Rs 30,000 crore to set up RE facilities (Solar & Wind) for C&I (commercial and industrial) customers, utility projects and green hydrogen derivatives in Andhra Pradesh over the next three to five years.

These facilities are expected to generate employment for approximately 10,000 persons in the state. The MoU was signed in the presence of K Vijayanand, Special Chief Secretary to the Government of Andhra Pradesh, Department of Energy and Arun Tripathi, Head – Energy Business, HFE.

''We are extremely happy to partner with the Government of Andhra Pradesh in their sustainable growth journey. HFE plans to make the most of the conducive policy environment for the renewables sector in Andhra Pradesh and help the state emerge as a leading hub for renewables in the country,'' Tripathi said.

Established in 2012, Hero Future Energies is present across multiple states in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK. The company is an independent power producer (IPP) with about 1.6 GW of operating assets across utility and commercial & industrial sectors.

It plans to invest progressively in grid-connected solar and wind, rooftop sectors, energy storage and green hydrogen over the next few years in India and internationally.

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