Hero Future Energies, a subsidiary of the Indian conglomerate Hero Group, has announced a significant investment of $20 billion to expand its renewable energy capacity. This ambitious plan, spanning six years, aims to increase the company’s capacity by a staggering 16 times.
Rahul Munjal, the chairman of Hero Future Energies, unveiled the investment plans at an industry event on Tuesday. Backed by global investors like KKR and the International Finance Corporation (IFC), the company intends to reach a total capacity of 30 gigawatts (GW) by 2030.
Hero’s expansion aligns with the broader trend of Indian companies investing in renewable energy. The Indian government has set an ambitious target of adding at least 500 GW of clean energy by 2030. This shift towards renewable energy is crucial for reducing emissions and addressing climate change.
Several other major Indian companies have also announced significant investments in renewable energy. Tata Power, for instance, has pledged to invest $9 billion to quadruple its renewable capacity. Reliance Industries and Adani Green Energy have made similar commitments at the RE-Invest conference.
Hero’s investment will focus on wind, solar, and battery storage technologies. The company plans to fund the expansion through a combination of internal resources, debt, and equity. Additionally, Hero already has renewable energy projects in India, Ukraine, and Vietnam.
In the next two years, Hero expects to commission 3.4 GW of new capacity. This expansion will contribute to the company’s overall goal of becoming a major player in the renewable energy sector.
Reference- Business Standard, Economic Times, Hero Future Energies Newsroom