Hero Future Energies to Invest $20 bn in India's Renewables Over 6 Years

19 Sep 2024 CW Team

At an industry event, Rahul Munjal, Chairman of the Indian conglomerate Hero Group, informed Reuters that the group's power production unit plans to invest $20 billion over the next six years. This investment is intended to increase its capacity nearly 16-fold. Hero Future Energies, which is supported by global investors such as KKR and the International Finance Corporation (IFC), aims to expand its capacity to 30 gigawatts (GW) by 2030, up from its current installed capacity of 1.9 GW.

Indian companies are actively increasing their renewable energy capacities, driven by the government's target to add at least 500 GW of clean energy by 2030 to cut emissions.

In a related development, Tata Power, a larger rival, announced a $9 billion investment to quadruple its renewable capacity. Similar commitments were made by Reliance Industries and Adani Green Energy during the renewable energy conference RE-Invest, held in Gujarat.

Munjal also noted that Hero's planned capacity expansions will focus on producing wind and solar energy, along with battery storage technologies. The funding for these expansions will come from internal resources, as well as a combination of debt and equity. The company, which already has renewable energy projects in India, Ukraine, and Vietnam, anticipates that 3.4 GW of capacity currently under construction will be commissioned within the next two years.

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