In a significant boost for India’s renewable energy sector, Hero Future Energies (HFE), the green energy arm of the Hero Group, has successfully secured a substantial funding of ₹1,024 crore (approximately $123 million USD) from the State Bank of India (SBI).
This crucial financial backing is earmarked for HFE’s innovative 60 MW hybrid peak power project, currently under development in the Kurnool district of Andhra Pradesh. This ambitious project seamlessly integrates solar, wind, and advanced energy storage technologies, showcasing a commitment to a diversified and resilient energy supply.
The funding, channeled through a Special Purpose Vehicle (SPV) named Clean Solar Power Barmer, will be instrumental in accelerating the development and construction of this cutting-edge facility. With a generous repayment period of 21 years, this long-term financing arrangement underscores confidence in the project’s viability and its long-term impact on sustainable energy generation.
Hero Future Energies is a prominent player in the renewable energy landscape, supported by leading global investors such as the International Finance Corporation (IFC) and KKR, further solidifying its position as a key contributor to India’s green transition.