Hero Future Energies Partners with Andhra Pradesh for Rs 30,000 Crore Renewable Energy Projects

Hero Future Energies (HFE) has entered into an agreement with the Andhra Pradesh government to develop renewable energy projects totalling 4 GW in Ananthapuramu, Kurnool, and Kadapa districts. This initiative involves an investment of Rs 30,000 crore. HFE stated that these projects will bolster Andhra Pradesh's standing as a leading hub for renewable energy in India.

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The memorandum of understanding (MoU) was signed by Srivatsan Iyer, Global CEO of HFE, alongside Andhra Pradesh Chief Minister N Chandrababu Naidu during the AP Govt - CII Partnership Summit in Visakhapatnam. The agreement outlines plans to establish renewable energy projects in two phases, which are expected to create over 15,000 jobs, both directly and indirectly.

Investment and Employment Opportunities

Rahul Munjal, Chairman and Managing Director of HFE, announced that an additional Rs 15,000 crore will be invested in renewable energy projects within the state. This brings the total proposed investment to Rs 30,000 crore. The MoU is valid for 12 months from the date it was signed.

Srivatsan Iyer commented on the MoU: "Through this MoU, we are adding 4 GW of green capacity and also setting in motion a model of sustainable industrial growth that generates long-term employment, attracts ancillary industries."

Global Renewable Energy Portfolio

HFE's global portfolio includes 7.2 GWp of renewable energy assets and 2.3 GWh of battery energy storage system capacity. These assets are spread across India, Ukraine, Vietnam, and the UK and include both operational and under-development projects.

This collaboration highlights Andhra Pradesh's commitment to advancing its renewable energy capabilities. The state's strategic location and resources make it an ideal destination for such investments.

The partnership between HFE and Andhra Pradesh is expected to not only enhance the state's energy infrastructure but also contribute significantly to its economic growth through job creation and industrial development.

With inputs from PTI