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The $5.6 billion Hero Group on Wednesday announced its entry into the renewable energy sector with the launch of Hero Future Energies, a new business unit. Hero Future, an Independent Power Producer (IPP), plans to develop 1 gigawatt (GW) of renewable energy by 2016-17. The company will operate across various verticals of renewable energy including wind, solar and hydro.
Of these, wind and solar are the initial focus areas.
Announcing the new venture, 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.”
The venture will also look at international markets going forward.
pilot project
The company has already commissioned a successful wind pilot project of 37.5 MW in Rajasthan. The pilot is estimated to provide clean energy to 70,000 domestic households.
Hero Future Energies currently has a project pipeline which includes 400 MW of wind projects and 50 MW solar projects across Madhya Pradesh, Maharashtra, Karnataka and Andhra Pradesh.
It was recently awarded a 10 MW solar power project in Karnataka under the State’s Solar Power Programme.
The company is also executing 1000 kWp solar roof-top projects for consumers across various categories in India.
> thomas.thomas@thehindu.co.in
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