Hero Future Energies, a subsidiary of the Hero Group, has unveiled an ambitious plan to significantly expand its renewable energy capacity. The company intends to invest $20 billion over the next six years, aiming to increase its power generation capacity from 1.9 gigawatts (GW) to 30 GW by 2030. This substantial growth represents a nearly 16-fold increase in capacity.
The announcement was made by Rahul Munjal, the chairman of Hero Future Energies, during an industry event in Gujarat. The company's expansion strategy aligns with India's national goal of adding at least 500 GW of clean energy by 2030 to reduce emissions.
Hero Future Energies' planned capacity additions will focus on wind and solar energy production, as well as battery storage technologies. The company intends to finance this expansion through a combination of internal funds, debt, and equity. Notably, the firm is backed by global investors such as KKR and the International Finance Corporation (IFC).
The renewable energy sector in India has been attracting significant attention and investment. Several major players have announced substantial commitments at the RE-Invest conference, held in Gujarat. Tata Power has pledged $9 billion to quadruple its renewable capacity, while Reliance Industries and Adani Green Energy have made similar promises.
Hero Future Energies already has a global presence, with renewable energy projects in India, Ukraine, and Vietnam. The company expects to commission 3.4 GW of capacity, currently under construction, within the next two years.
"We plan to invest $20 billion over the next six years to scale up our capacity by nearly 16 times."
This ambitious expansion plan reflects the growing importance of renewable energy in India's power sector. As the world's third-largest electricity producer, India's shift towards cleaner energy sources is crucial for global efforts to combat climate change.
The investment in battery storage technologies is particularly significant, as it addresses one of the key challenges in renewable energy: managing intermittent power generation. This holistic approach to renewable energy development demonstrates Hero Future Energies' commitment to creating a sustainable and reliable power infrastructure.
As India continues to attract foreign investment in its renewable energy sector, projects like Hero Future Energies' expansion play a vital role in the country's transition to a greener future. With the RE-Invest conference serving as a platform for such announcements, it's clear that India's renewable energy landscape is poised for significant growth in the coming years.