Hero Future Energies Private Limited (HFEPL), a part of the Hero Group, has signed a Memorandum of Understanding (MoU) with the Karnataka government to invest ₹11,000 crore in renewable energy, green hydrogen, and its derivatives.
The agreement, formalized during the London roadshows, underscores Karnataka’s role as a preferred investment hub for green energy initiatives.
The projects, which will begin in the financial year 2025-26, will take two to three years to complete. HFEPL’s initiative is expected to boost the state’s economy and foster sustainable industrial growth.
Expanding Decarbonization Efforts
Highlighting the significance of the agreement, HFEPL’s leadership emphasized their commitment to tackling environmental challenges with innovative energy solutions.
“At Hero Future Energies, we understand that unprecedented environmental challenges demand bold and decisive action. With a renewable energy portfolio exceeding 6 GW, we are expanding our decarbonization efforts into hard-to-abate industries such as transportation and heavy engineering manufacturing,” the company stated.
The firm also emphasized its strategic focus on green hydrogen and its derivatives to drive India’s clean energy exports.
A senior official stated, “India is emerging as a major exporter of clean energy. Hero Future Energies is well-positioned to lead this transition. We will leverage our expertise and first-mover advantage to deliver groundbreaking decarbonization solutions globally.”
Karnataka’s Strategic Role
Karnataka’s progressive policies, abundant renewable resources, and emphasis on green innovation make it a prime destination for HFEPL’s investments.
Ministry of Karnataka for large and medium industries and infrastructure development, M.B. Patil, reiterated the state’s commitment. He emphasized sustainable growth.
The state government will facilitate necessary approvals, permissions, and incentives. This will ensure the timely implementation of projects under its existing policies.
A Step Towards the Future
Karnataka’s leadership in green energy solutions highlights its status, solidifying it as a global investment hub.
The MoU forms a key component of the state’s preparations for the Global Investors Meet, Invest Karnataka 2025.
As reported by Businessworld.in, Karnataka aims to create a competitive and digitally advanced industrial ecosystem. It plans to achieve this by attracting investments and fostering technological advancements, paving the way for a sustainable future.
