The US$ 5.6 billion Hero Group, one of India’s largest business houses, today forayed into renewable energy sector with the launch of its new business unit – ‘Hero Future Energies’.
Hero Future Energies, an Independent Power Producer (IPP), plans to develop 1 GigaWatt+ of renewable energy by the year 2016-17. The Company will operate across various verticals of renewable energy viz. wind, solar and hydro; of these, wind and solar are the initial focus areas.
Announcing this , Mr. Rahul Munjal, Managing Director, Hero Future Energies said, “In the wake of significant power shortages currently being witnessed in our country, we are making a strategic move into the renewable energy sector. Aligned to the Hero Group’s core philosophy of excellence, quality and innovativeness, we aspire to become a global power producer in the long-run. Focused on domestic as well as international markets, our vision is to revolutionize the way energy is delivered, through a cleaner and more affordable alternative to utility energy.”
Registered in October 2012, the Company has already commissioned a successful wind pilot project of 37.5 MW in Rajasthan in a short span of four months. Implemented in collaboration with the Government of Rajasthan, the project will offset 72,000 Tonnes of Carbon Emissions annually. The pilot project is estimated to provide clean energy to 70,000 domestic households.This year the Company plans to develop 100 MW of Wind & Solar and 1 MW of Roof-top Solar.
“With Hero Future Energies, our endeavor is to contribute towards reducing carbon footprint, preserving natural resources and creating consciousness towards ‘Green Discipline’”, added Mr. Munjal.
Hero Future Energies currently has a strong project pipeline which includes 400 MW of Wind Projects and 50 MW Solar Projects across Madhya Pradesh, Maharashtra, Karnataka and Andhra Pradesh. The Company has recently been awarded 10 MW Solar Power Project in Karnataka under the State’s Solar Power Program. The Company is also executing 1000 kWp Solar Roof-top Projects for consumers across categories in India.
Hero Future Energies, a fully-owned Hero Group Company, will be governed by a strong Management team, Mr. Rahul Munjal, Managing Director and Mr. Sunil Jain, Chief Executive Officer & Executive Director.
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