Hero Future Energies to Invest $20 Billion in Renewables Over Next 6 Years.

Hero Future Energies, the renewable energy arm of Indian conglomerate Hero Group, plans to invest $20 billion over the next six years to significantly expand its power generation capacity. Chairman Rahul Munjal announced at an industry event that the company aims to grow its capacity from the current 1.9 gigawatts (GW) to 30 GW by 2030, a nearly 16-fold increase.

Backed by global investors such as KKR and the International Finance Corporation (IFC), Hero Future Energies is part of India's broader push to boost renewable energy capacity, as the country targets adding 500 GW of clean energy by 2030 to meet emission reduction goals.

At the RE-Invest 2024 conference in Gujarat, other major players like Tata Power, Reliance Industries, and Adani Green Energy also revealed substantial investments in renewable energy. Tata Power announced a $9 billion plan to quadruple its capacity, while similar commitments were made by other industry giants.

Hero's planned capacity additions will focus on wind and solar energy, along with advanced battery storage solutions. The expansion will be funded through a mix of internal funds, debt, and equity. The company, which already operates renewable projects in India, Ukraine, and Vietnam, expects to bring 3.4 GW of its current projects under construction online within the next two years.

HBL