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What happened
Hero Future Energies (HFE) has signed a significant memorandum of understanding with the Andhra Pradesh government, committing to invest Rs 30,000 crore in renewable energy projects. The initiative aims to develop a total capacity of 4 GW across the districts of Ananthapuramu, Kurnool, and Kadapa. This investment is expected to create over 15,000 direct and indirect jobs, reinforcing the state's position as a leading renewable energy destination in India. The agreement was signed by HFE's Global CEO, Srivatsan Iyer, in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu during the AP Govt - CII Partnership Summit. The projects will be executed in two phases, with HFE planning to invest an additional Rs 15,000 crore. The MoU is valid for 12 months and aims to promote sustainable industrial growth and attract ancillary industries.
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Key insights
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Major Investment
HFE's Rs 30,000 crore investment boosts renewable energy.
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Job Creation
The project will create over 15,000 jobs in the region.
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Renewable Energy Hub
Andhra Pradesh strengthens its position in renewable energy.
Takeaways
The partnership between Hero Future Energies and the Andhra Pradesh government marks a significant step towards enhancing renewable energy capacity and job creation in the state, positioning it as a key player in India's green energy sector.