Hero Future Energies Signs MoU with Andhra Pradesh to Develop Renewable Capacity

HFE MoU with AP

An independent power producer (IPP) with about 1.6 GW of operating assets across utility and commercial and industrial sectors, Hero Future Energies has signed a Memorandum of Understanding with the Government of Andhra Pradesh.

The agreement will pave the way for setting up a renewable energy facility in the state. The firm will work closely with the state Government to catalyze economic growth in Andhra Pradesh. 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 Crores to set up RE facilities (solar and wind) for C&I customers, utility projects and green hydrogen derivatives in Andhra Pradesh. This will be achieved 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, Hero Future Energies.

Speaking on this occasion, Arun Tripathi said, “We are extremely happy to partner with the government of AP in their sustainable growth journey. HFE plans to make the most of the conducive policy environment for renewables sector in Andhra Pradesh and help the state emerge as a leading hub for renewables in the country. This MoU reflects HFE’s commitment to not only accelerate green growth across the country but also create more green jobs. “

Established in 2012, Hero Future Energies is present across multiple states in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK. The firm is planning 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.