Hero Group ventures in renewable energy

Joining the bandwagon of heavyweights in the energy sector, Hero group announced its entry in the renewable energy sector with the launch of its new unit Hero Future Energies.

With an investment of Rs 1000 crore in this fiscal, the company aims to develop 100 mw of renewable energy by the year 2016-17. Out of this 80 mw would be wind, rest solar. It will venture into hydro as well soon.

"There are very few industries in the country that are economically, socially, morally and ethically viable. Renewable energy is a natural choice for the Hero Group to expand due to the escalating power needs of the country," said Rahul Munjal, managing director, Hero Future Energies.

Hero Future Energies has already commissioned a 40 mw wind power plant in Rajasthan in March this year and is currently developing a 10 mw solar power plant in Karnataka.

The company is operating as an independent power producer and is keen in participating in various state and central level. "We also aim to develop 100 kw of rooftop solar installations," said Munjal.