Hero Future Energies, a company with a collection of wind and solar energy plants totaling around 1.8 GW, plans to enter the green hydrogen production sector. The company had three subsidiaries, namely Hero Wind Energy Pvt Ltd, Hero Solar Energy Pvt Ltd, and Hero Rooftop Energy Pvt Ltd, generated a turnover of ₹1,539 crore in the fiscal year 2022-23.
However, it also incurred a loss of ₹325 crore, which is an improvement from the previous year’s loss of ₹576 crore, despite a slightly higher turnover of ₹1,430 crore.
Hero Future aims to increase its revenue by five times in the next five years, through operations in both India and other countries. In India the company will prioritize the commercial and industrial (C&I) sectors, as well as new age tenders such as peak time power supply, round-the-clock power supply, and load-following power supply.
Renewable energy companies often receive more favorable tariffs in certain markets. For instance, Hero Future recently secured a 120 MW power supply project in Andhra Pradesh by offering a tariff of ₹4.77 per kWhr through a SECI tender.
Hero Future Energies is looking to expand its projects overseas and has been awarded a contract in Bangladesh to construct a fishing-friendly water body along with a 50 MW solar plant. Additionally, the company has signed a Memorandum of Understanding (MoU) with Bangladesh to set up 100 MW of ground mounted solar plants. In addition to these projects, Hero Future Energies already operates a rooftop solar plant with a capacity of 1 MW in Vietnam.
Reference- Economic Times, Mercom india, Hero Future Energies PR, Money Control, Business Standsrd