- Hero Future Energies plans a $20 billion investment to grow its renewable energy capacity to 30 GW by 2030.
- The company is set to commission 3.4 GW of capacity within the next two years, focusing on wind, solar, and battery storage.
- India’s renewable energy sector is rapidly expanding, with significant commitments from major players like Tata Power and Reliance Industries.
Hero Future Energies, a unit of the Hero Group, is set to invest $20 billion over the next six years to expand its renewable energy capacity nearly 16-fold, according to chairman Rahul Munjal. Speaking at an industry event, Munjal revealed the company’s ambition to reach 30 gigawatts (GW) of installed capacity by 2030, up from the current 1.9 GW.
This ambitious plan aligns with India’s national goal of achieving at least 500 GW of clean energy by 2030, as the country works to reduce carbon emissions. Hero Future Energies, which is backed by global investors KKR and International Finance Corporation (IFC), plans to fund this growth through internal resources as well as a mix of debt and equity.
“Hero Future Energies will continue to lead in the renewable sector, with a strong focus on wind, solar, and battery storage,” said Munjal.
The company already has renewable projects in India, Ukraine, and Vietnam, with an additional 3.4 GW of capacity under construction. This capacity is expected to be operational within the next two years, significantly boosting Hero’s contribution to the renewable energy sector.
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India’s renewable energy landscape is growing rapidly, with key players like Tata Power and Reliance Industries making similar commitments. Tata Power recently announced a $9 billion investment to quadruple its renewable capacity, while Reliance and Adani Green Energy are also scaling up their clean energy portfolios.
Hero Future Energies is positioning itself at the forefront of this transition, underscoring the importance of wind, solar, and energy storage technologies in the global fight against climate change.