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 here today, 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.
About the Hero Group:
Hero Group is a US$ 5.6 billion and one of the most respected industrial conglomerates of India. 'Hero' has grown to be an iconic household name since the 1950’s.
Automotive Manufacturing, Services Businesses and the Auto-Ancillary Businesses are the three pillars of The Hero Group:
Hero MotoCorp Ltd. (formerly Hero Honda Motors Ltd.) is the flagship Company of automotive manufacturing business. It emerged as the World’s largest manufacturer of two-wheelers in the year 2001. Hero MotoCorp Ltd. continues to maintain this pole position till date.
Hero Corporate Service Limited (HCSL) has diversified business activities in IT & financial services, education & training and real estate. It is also India’s largest two-wheeler insurance intermediary.
Rockman Industries Ltd started as a component manufacturer for Hero Cycles in the year 1960, Rockman soon became world’s largest producer of chains & hubs with exports to over 40 countries. Rockman is a leading supplier in world-class aluminum die casting, machined and painted assemblies to Hero MotoCorp Ltd.
Hero FinCorp Ltd. (formerly Hero Honda Fin-Lease) is the retail and corporate financing arm of the group. Hero FinCorp has recently launched retail financing of two-wheelers in over 120 dealerships across the country and plans to expand to more than 800 dealerships in the next two years.
About Hero Future Energies (HFE):
HFE carries an illustrious legacy of The Hero Group; a strategic decision of the Group to enter the domain of power generation from clean and non-polluting sources of energy. The young Company is an Independent Power Producer (IPP) with growth plans to invest progressively in Wind, Solar and Hydro sector over the years. As the Indian economy continues its growth trajectory, HFE is poised to provide clean power to industries, businesses, educational institutes, non-profits and governmental organizations at competitive rates. HFE will assist its clientele in fulfilling their Renewable Purchase Obligations (RPOs) by reducing their dependence on power generated by fossil fuels like coal, oil and natural gas.
