Hero Future Energies signs MoU with AP Govt for ₹30K crore
Hero Future Energies (HFE), the renewable energy arm of Hero Group, has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to develop renewable energy generation projects with a total capacity of 4 GW in Ananthapuramu, Kurnool and Kadapa districts. The projects represent a proposed investment of ₹30,000 crore, strengthening Andhra Pradesh’s position as one of India’s leading renewable energy destinations.
The MoU was signed by Mr. Srivatsan Iyer, Global CEO, Hero Future Energies, with Hon’ble Chief Minister of Andhra Pradesh, Sri N. Chandrababu Naidu, Sri K. Vijayanand, IAS, Chief Secretary, Government of AP, Dr. M. Kamalakar Babu, Vice Chairman and MD, NREDCAP, AP Government and Sri CM Saikanth Varma, IAS, CEO, AP Economic Development Board and Mr. Rahul Munjal, Founder and CMD, Hero Future Energies and senior officials from both parties on the sidelines of AP Govt – CII Partnership Summit in Visakhapatnam. Under the agreement, HFE will establish renewable energy production projects in two phases and create a total of over 15,000 direct and indirect jobs.
As part of the MoU, HFE will leverage its expertise in renewable energy technology, design and application to build projects in a time-bound manner. Hon’ble CM of Andhra Pradesh assured the HFE Chairman that NREDCAP and APEDB will facilitate necessary assistance to ensure project development, including coordination with relevant departments of Government of Andhra Pradesh and Union Government of India for necessary approvals and support. In response, Mr. Rahul Munjal, Chairman and Managing Director, HFE, informed the Hon’ble Prime Minister that HFE will invest an additional INR 15,000 Crores in renewable energy projects in the state, taking the total value of existing investments proposed to INR 30,000 Crores.
Speaking at the event, Mr. Rahul Munjal, Founder and CMD, Hero Future Energies, said, “This partnership marks more than an investment; it is a step towards redefining how States and private enterprise can jointly drive India’s clean energy transition. Andhra Pradesh’s proactive policy environment and strong infrastructure make it a top priority investment destination.”
Mr. Srivatsan Iyer, Global CEO, Hero Future Energies, said: “The proposed projects lay the foundation for complex renewable ecosystems that combine scale, innovation and impact. Through this MoU, we are adding 4 GW of green capacity and catalyzing a model of sustainable industrial growth that also creates long-term employment, attracts downstream industries and strengthens AP’s role in India’s decarbonisation journey.”
The MoU will remain valid for 12 months from the date of signature and aims to ensure rapid project initiation and investment facilitation in the renewable energy sector of Andhra Pradesh.
Hero Future Energies (HFE) is rapidly positioning itself as a powerhouse in India’s clean energy ecosystem by scaling an integrated portfolio spanning solar, wind, hybrid systems and green hydrogen. Building on its proven track record in hybrid and advanced renewable solutions, the company has recently signed major MoUs; These include an agreement with the Government of Karnataka to invest INR 11,000 billion in renewable energy and green hydrogen, and INR 1,024 billion financing support from the State Bank of India for a 60 MW hybrid solar-wind storage project in Andhra Pradesh. These commitments reflect HFE’s strategic shift beyond conventional generation to robust, dispatchable renewable energy and the decarbonization of hard-to-mitigation sectors, with a growing international footprint in Europe and Southeast Asia. Backed by key investors such as KKR and the International Finance Corporation (IFC), HFE is driving expansion through technology integration, geographic diversification and complex project structuring, and strengthening India’s leading role in the energy transition.
