Indian independent power producer (IPP) Hero Future Energies (HFE) has planned to invest INR30,000 crore (US$3.6 billion) in renewables in the Indian state of Andhra Pradesh.
The company signed a memorandum of understanding with the government of Andhra Pradesh to set up solar and wind facilities in the region.
Over the next three to five years the IPP will target the commercial and industrial (C&I) market, utility-scale projects as well as green hydrogen derivatives.
This marks a further step in the company’s growth after receiving a US$450 million investment from private equity firm KKR last year to support its renewables expansion and enter newer markets by 2025.
PV Tech has reached Hero Future Energies to seek details as to the capacity the IPP targets to develop within this investment.
Arun Tripathi, head of energy business at HFE, said: “We are extremely happy to partner with the Govt. of AP in their sustainable growth journey. HFE plans to make the most of the conducive policy environment for the renewables sector in Andhra Pradesh and help the state emerge as a leading hub for renewables in the country.”
Established in 2012 and present in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK, the IPP currently has 1.6GW of operational assets across utility and C&I markets.