Hero Future Energies (HFE), a subsidiary of the Hero Group, has inked a memorandum of understanding (MoU) with the Uttar Pradesh government for an investment of Rs 4,000 crore in a renewable energy and clean technology venture, during the World Economic Forum Annual Meeting at Davos.
Hero Future Energies (HFE), a member of the Hero Group, is one of the renowned business conglomerate in India. Established in 2012 with a core vision to “profit for purpose,” HFE embodies the mission of contributing to environmental preservation for the well-being of future generations.
Presently, HFE manages a substantial portfolio of 3 GW comprising grid-connected wind, solar, and rooftop solar power assets that are operational in both India and Europe. Additionally, the company has plans with 2 GW of projects in the pipeline, spanning across diverse regions including India, Vietnam, Bangladesh, and the UK.
HFE is actively exploring and embracing emerging technologies, including energy storage, green hydrogen, and wind-solar hybrid projects. These innovations are set to play a significant role in shaping the company’s future portfolio, reflecting its commitment to staying at the forefront of advancements in the renewable energy sector.
The journey of Hero Future Energies is fortified by strategic collaborations and support from leading global investors, including the International Finance Corporation (IFC) and Kohlberg Kravis Roberts & Co. (KKR). This robust backing underscores the company’s standing in the renewable energy landscape and its ability to attract key players in the global investment arena.
The MoU was formally signed by Manoj Kumar Singh, the Agriculture Production Commissioner and Infrastructure & Industrial Development Commissioner of the Uttar Pradesh government, and Rahul Munjal, Chairman and Managing Director of Hero Future Energies, during the World Economic Forum Annual Meeting.
Currently incorporating a 3 GW portfolio encompassing grid-connected wind, solar, and rooftop solar power assets operational in India and Europe, Hero Future Energies has an additional 2 GW of projects in the pipeline across various locations including India, Vietnam, Bangladesh, and the UK.
The memorandum strengthens HFE’s aim to foster renewable energy and clean technology advancements in Uttar Pradesh, aligning with the broader national and global push towards sustainable and eco-friendly solutions. This strategic collaboration between Hero Future Energies and the Uttar Pradesh government is poised to contribute significantly to India’s renewable energy landscape, driving economic growth, creating employment opportunities, and fostering innovation.
Hero Future Energies’ current portfolio underscores its expertise in harnessing wind and solar power to generate electricity, aligning with the growing global emphasis on transitioning towards clean energy sources. The company’s commitment to adding 2 GW of additional projects across diverse geographies underscores its role as a key player in the renewable energy sector.
The Uttar Pradesh delegation, led by Manoj Kumar Singh, took advantage of their presence at the World Economic Forum Annual Meeting to engage with influential representatives from prominent organizations including HCL Technologies, Unilever, Nestle, Microsoft, and ReNew. These interactions provided a platform for discussing potential collaborations, technology exchanges, and investments that could further contribute to the state’s economic development and sustainability goals.
