India's Hero Future Energies agrees USD-3.6bn renewables plan in AP

March 16 (Renewables Now) - Indian independent power producer (IPP) Hero Future Energies (HFE) announced on Thursday that it plans to invest about INR 300 billion (USD 3.65bn/EUR 3.4bn) in renewable energy and green hydrogen projects in the state of Andhra Pradesh.

The company has signed a memorandum of understanding (MoU) with the state government on the sidelines of the Andhra Pradesh Global Investor's Summit 2023.

The document outlines HFE’s intention to set up solar and wind power facilities for commercial and industrial (C&I) customers, as well as utility projects and plants for the production of green hydrogen derivatives over the next three to five years. The projects are expected to create about 10,000 local jobs.

"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,” commented Arun Tripathi, head of the company’s energy business.

Established in 2012, Hero Future Energies currently has some 1.6 GW of assets in operation across the utility and C&I sectors.

(INR 10 = USD 0.122/EUR 0.113)