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.