Hero Group's Power Unit to Invest $20 Billion in Renewable Energy Expansion
Hero Future Energies, the power production unit of Indian conglomerate Hero Group, plans to invest $20 billion over the next six years to significantly expand its renewable energy capacity. This ambitious plan aims to increase the company's capacity by nearly 16 times, reaching a target of 30 gigawatts (GW) by 2030. Currently, Hero Future Energies has an installed capacity of 1.9 GW.
The company's expansion plans are driven by the growing demand for clean energy in India. The Indian government has set a target of adding at least 500 GW of clean energy by 2030 to reduce emissions. To achieve this goal, Indian companies are actively expanding their renewable energy capacity.
Hero Future Energies' capacity additions will focus on wind and solar energy, as well as battery storage technologies. The company will fund its expansion through a mix of internal resources, debt, and equity. Additionally, the company expects 3.4 GW of capacity, currently under construction, to be commissioned in the next two years.
This significant investment by Hero Future Energies demonstrates the company's commitment to contributing to India's clean energy goals. The expansion will not only increase the company's market share but also contribute to the country's overall energy security and environmental sustainability.