Hero Future Energies inks Rs 11,000 crore MoU with Karnataka for renewable energy, green hydrogen projects
Dec 01, 2024
London [UK], December 1, : Hero Future Energies Private Limited (HFEPL) on Sunday signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest Rs 11,000 crore to setup up projects in Renewable Energy, Green Hydrogen, and its derivatives in Karnataka, as per an official release.
Part of Hero Group, the HFEPL was founded in 2012 by Rahul Munjal, who is the Chairman and MD of the Company. Hero Group's flagship company, Hero MotoCorp, is the largest two-wheeler manufacturer in the world. Marquee investors IFC of the World Bank Group and KKR are the other investors in HFEPL.
HFEPL's proposed projects in Karnataka will involve a total investment of Rs 11,000 crore over two to three years starting in 2025-26. These initiatives are expected to generate nearly 3,000 jobs in Karnataka.
HFEPL Leadership during the MOU signing said "At Hero Future Energies, we recognise that unprecedented environmental challenges demand bold and decisive steps toward the next generation of energy. With 6+ GW of renewable energy portfolio, we are expanding our decarbonization efforts beyond the grid into hard-to-abate industries such as transportation, and heavy engineering manufacturing."
"As India emerges into a significant exporter of clean energy, Hero Future Energies is poised to lead this transition, leveraging its expertise and early-mover advantage in green hydrogen and its derivatives to build first of its kind decarbonization solutions from India to the world. Karnataka, with its progressive policies, abundant renewable resources, and focus on green innovation, provides the perfect environment to realize our vision," the company's leadership said.
The signing ceremony was attended by the Karnataka Government's Minister for Large and Medium Industries and Infrastructure Development, M.B. Patil along with other officials.
Under the MoU, the Karnataka Government will facilitate the requisite permissions, approvals, and incentives to ensure the projects are established in a time-bound manner under the state's prevailing policies and regulations, the release added.
The release added that the collaboration reinforces Karnataka's position as a preferred investment destination and demonstrates the state's leadership in driving green energy solutions and sustainable industrial development.
The MoU was formalized during the London Roadshows, underscoring Karnataka's commitment to attracting global investments and fostering technological advancements, as per the release.
This initiative forms a key pillar of the state's comprehensive preparations for the Global Investors Meet, Invest Karnataka 2025, aimed at creating a competitive and digitally advanced industrial ecosystem, the release added.
