Hero Future Energies Signs INR 30,000 Crore MoU with Andhra

Hero Future Energies (HFE), the renewable energy arm of the Hero Group, has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government to develop 4 GW of renewable energy projects across Ananthapuramu, Kurnool, and Kadapa districts. 

The agreements, signed on the sidelines of the AP Govt - CII Partnership Summit in Visakhapatnam, mark a proposed investment of Rs 30,000 crore in the southern state. The MoU was formalised by Srivatsan Iyer, Global CEO of HFE, in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu, senior state officials, and top HFE leadership, including Founder & CMD Rahul Munjal. 

Phased Roll Out and Job Creation

Under the terms of the MoU, HFE will establish the renewable projects in two stages, harnessing its expertise in advanced energy technologies, design, and implementation. The Andhra Pradesh Government, including key agencies such as NREDCAP and the AP Economic Development Board, has committed to streamlining approvals and facilitating coordination across departments—aimed at enabling timely project delivery.

In an announcement at the event, HFE CMD Rahul Munjal stated that the company would double its initial investment, now pledging a total of INR 30,000 crore into Andhra Pradesh’s renewable energy sector.

Commenting on the partnership, Munjal said, “This partnership marks more than an investment - it’s 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.”

Global CEO Srivatsan Iyer remarked, “Through this MoU, we are adding 4 GW of green capacity and also setting in motion a model of sustainable industrial growth that generates long-term employment, attracts ancillary industries, and strengthens AP’s role in India’s decarbonisation journey.”

The MoU will remain valid for 12 months from the date of signing, to enable swift commencement and financial closure of these large-scale projects.

Hero Future Energies: Scaling Ambitions in India and Abroad

Hero Future Energies has an integrated portfolio that spans solar, wind, hybrid systems, and green hydrogen developments. Recent milestones include a Rs 11,000 crore MoU with the Karnataka government for renewables and green hydrogen, and a Rs 1,024 crore financing agreement with the State Bank of India (SBI) for a hybrid solar-wind-storage project in Andhra Pradesh.

It has a global portfolio exceeding 7.2 GWp of renewable assets and 2.3 GWh of battery storage across India, Ukraine, Vietnam, and the UK. The company is backed by global investors such as KKR and the International Finance Corporation (IFC), and is expanding into advanced forms of renewable power generation, including firm, dispatchable energy and storage, to address both grid stability and industrial decarbonisation.