Hero Future Energies signs Rs 110 billion MoU with Karnataka government – EQ
In Short : Hero Future Energies (HFE) signed a significant memorandum of understanding (MoU) with the Karnataka government, committing to an investment of ₹20,000 crores (₹200 billion) to develop renewable energy and green hydrogen projects. This initiative focuses on hybrid energy systems combining solar and wind, green hydrogen production, and battery storage. The projects aim to strengthen Karnataka’s renewable energy capacity while supporting India’s clean energy goals.
In Detail : Hero Future Energies Private Limited (HFEPL) has inked a Memorandum of Understanding (MoU) with the Government of Karnataka to invest Rs 110 billion in renewable energy and green hydrogen. The investment will be utilised in establishing Renewable Energy, Green Hydrogen, and its derivatives projects in Karnataka for two to three years. The proposed initiatives will begin in 2025-26 and are expected to generate employment for over 3,000 people in Karnataka.
The Karnataka government will be responsible for facilitating and ensuring the necessary permissions, approvals, and incentives to ensure timely completion of projects.
In July 2024, Hero Future Energies partnered with Rayzon Solar in advancing sustainable energy solutions to launch a 200 MW solar project in Karnataka. This initiative is expected to reduce carbon emissions by an estimated 350,000 to 375,000 tonnes annually.
In May 2024, Hero Future Energies and SJVN inked a power purchase agreement to establish a 120 MW firm and dispatchable renewable energy (FDRE) project. To be located in Andhra Pradesh, the project is scheduled to be commissioned within 24 months.
