New Delhi, 4 September
BM Munjal-led Hero Group today announced its entry into renewable power generation business by unveiling a company ~ Hero Future Energies ~ for executing clean energy projects in which it will pump in over Rs 7,000 crore by financial year 2016-17.
“Hero Future Energies, an independent power producer, plans to develop over 1 GW or 1,000 MW of renewable energy projects by financial year 2016-17. Every megawatt of wind power requires close to Rs 7 crore and solar about Rs 8 crore investment,” Mr Rahul Munjal, managing director, Hero Future Energies, said here at the launch of the new unit.
Hero Future Energies, at present a wholly-owned subsidiary of country’s largest two-wheeler maker Hero Group, will operate across various verticals of renewable energy like wind, solar and hydro of which solar and wind will be the focus initially.
The company, which commissioned a wind pilot project of 37.5 MW in Rajasthan in October last year, plans to increase wind power capacity to 800 MW by 2016-17. It plans to have a solar power generation capacity of 150 MW and 50 MW of small hydro project by 2016-17. Hero Future Energies plans to invest over Rs 7,000 crore in the next three-four years for the same.
During the current fiscal, the company will develop 100 MW wind power capacity.