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The investment will focus on renewable energy, green hydrogen and its derivatives, with projects set to begin in 2025/26.
Hero Future Energies has signed a memorandum of understanding (MoU) with the government of the Indian state of Karnataka to invest Rs110bn ($1.3bn) in renewable energy projects.
The investment will focus on renewable energy, green hydrogen and its derivatives, with projects set to begin in 2025/26.
Hero Future Energies’ proposed projects in Karnataka are expected to create 3,000 jobs.
The state government will assist with necessary permissions, approvals and incentives to ensure timely project implementation according to state policies and regulations.
The MoU was formalised during the London Roadshows, with MB Patil, Karnataka’s Minister for Large and Medium Industries and Infrastructure Development, present at the signing ceremony.
Hero Future Energies was quoted by The Hindu Businessline: “With six-plus GW of renewable energy portfolio, we are expanding our decarbonisation efforts beyond the grid into hard-to-abate industries such as transportation and heavy engineering manufacturing.
“Karnataka, with its progressive policies, abundant renewable resources and focus on green innovation, provides the perfect environment to realise our vision.”
Hero Future Energies, part of Hero Group, was founded in 2012 by chairman and managing director Rahul Munjal.
Its investors include the International Finance Corporation, – a member of the World Bank Group – and KKR.
In September 2024, Munjal told Reuters that the company plans to invest $20bn up to 2030 to expand its capacity 16-fold to 30GW from its current 1.9 GW.
Its additions will focus on wind and solar energy and battery storage technologies, funded through internal resources and a mix of debt and equity.
Hero Future Energies currently owns renewable energy projects in India, Ukraine and Vietnam.
The company expects 3.4GW of capacity, currently under construction, to be commissioned in the next two years. |
