Hero Future Energies Invests Rs 30,000 Cr in Andhra Pradesh

New Delhi, Nov 13 (PTI) Hero Future Energies (HFE) on Thursday signed a pact with the Andhra Pradesh government to develop renewable energy generation projects with a total capacity of 4 GW across Ananthapuramu, Kurnool, and Kadapa districts, envisaging investment of Rs 30,000 crore.

The projects reinforce Andhra Pradesh's position as one of India's leading renewable energy destinations, HFE said in a statement.

The memorandum of understanding (MoU) was signed by Srivatsan Iyer, Global CEO of Hero Future Energies, in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu in Visakhapatnam, on the sidelines of the AP Govt - CII Partnership Summit.

Under the agreement, HFE said it will establish renewable energy generation projects in two phases, creating over 15,000 direct and indirect jobs in total.

HFE will invest an additional Rs 15,000 crore in renewable energy projects in the state, taking the total value of the current proposed investments to Rs 30,000 crore, its Chairman and Managing Director Rahul Munjal said.

Srivatsan Iyer, Global CEO, Hero Future Energies, said, "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"

The MoU will remain valid for a period of 12 months from the date of signing.

HFE has a global portfolio of 7.2 GWp of renewable energy (RE) assets plus 2.3 GWh of BESS (battery energy storage system) capacity across India, Ukraine, Vietnam, and the UK, including both operating and under-development projects.