Indian company Hero Future Energies plans to invest $20 billion in renewable energy over 6 years

The manufacturing unit of Indian conglomerate Hero Group plans to invest $20 billion over the next six years to expand its production capacity almost 16-fold, Chief Executive Rahul Munjal told Reuters at an industry event on Tuesday.

Hero Future Energies, backed by global investors such as KKR and International Finance Corporation (IFC), aims to expand its generating capacity to 30 gigawatts (GW) by 2030 from 1.9 GW currently.

Indian companies are expanding their renewable energy capacity, with the government targeting at least 500 GW of clean energy by 2030 to cut emissions.

Bigger rival Tata Power announced a $9 billion investment to quadruple its renewable capacity, with Reliance Industries and Adani Green Energy making similar commitments at the RE-Invest renewable energy conference in the western Indian state of Gujarat.

Hero’s capacity expansion will be focused on wind and solar power generation, as well as battery storage technologies, Munjal said. The investments will be financed internally and through a combination of debt and equity.

The company, which already has renewable energy projects in India, Ukraine and Vietnam, expects to bring 3.4 GW of capacity currently under construction online in the next two years.

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