Hero Future Energies and the government of Andhra Pradesh have signed an initial agreement under which Hero will spend Rs 30,000 crore to build renewable energy plants in the state. In a statement, Hero Future Energies (HFE) said that it was "delighted to announce the signing of a Memorandum of Understanding with the Government of Andhra Pradesh," under which it would establish renewable energy facilities in the state and collaborate closely with the latter to spur economic growth. The MoU, which was signed on the sidelines of the Andhra Pradesh
Global Investor's Summit 2023, Hero Future Energies intends to invest Rs 30,000 crore over the next three to five years to establish RE facilities (Solar & Wind) for C&I (commercial and industrial) customers, utility projects, and green hydrogen derivatives in Andhra Pradesh. About 10,000 people in the state are anticipated to gain employment as a result of these facilities.
K Vijayanand, Special Chief Secretary to the Government of Andhra Pradesh, Department of Energy, and Arun Tripathi, Head Of Energy Business, HFE, witnessed the signing of the Agreement. "We are overjoyed to work with the Andhra Pradesh government to achieve sustainable growth. To help Andhra Pradesh become a national leader in renewable energy, HFE intends to take full advantage of the state's favourable policy climate for the industry "said Tripathi.
Hero Future Energies was founded in 2012 and is now active in several states including those in India, Bangladesh, Vietnam, Singapore, Ukraine, and the UK. As an independent power producer (IPP), the business has operating assets totaling around 1.6 GW in the utility, business & industrial, and commercial sectors. During the next few years, it intends to gradually invest in grid-connected solar and wind, rooftop industries, energy storage, and green hydrogen both in India and abroad.