Indian independent power producer Hero Future Energies plans to invest $3.6 billion in renewable energy in the Indian state of Andhra Pradesh. The company signed a memorandum of understanding with the government of Andhra Pradesh to set up solar and wind facilities in the region.

Over the next three to five years, IPP will target commercial and industrial markets, utility-scale projects, and green hydrogen derivatives. It marks another step forward in the company's growth following a $450 million investment from private equity firm KKR in 2022 to support its renewable energy expansion and entry into new markets by 2025.

PV Tech has contacted Hero Future Energies for details on the capacity targets for IPP to develop in this investment.

Arun Tripathi, head of HFE's energy practice, said, "We are very pleased to be working with the government. AP's Sustainability Journey. HFE plans to leverage the favorable policy environment for the renewable energy industry in Andhra Pradesh to help the state become a leading renewable energy hub in the country.

Founded in 2012, IPP operates in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK and currently has 1.6GW of operating assets in the utility and commercial and industrial markets.Editor/XingWentao