Hero Future Energies, a unit of India's Hero Group, has announced plans to invest $20 billion over the next six years to expand its renewable energy capacity nearly sixteenfold. Chairman Rahul Munjal revealed the ambitious plan at an industry event on Tuesday.

The investment will boost Hero Future Energies' capacity from the current 1.9 gigawatts (GW) to 30 GW by 2030. This expansion will focus on wind and solar energy, along with battery storage technologies. The company, supported by global investors like KKR and the International Finance Corporation (IFC), will finance the expansion through a combination of internal funds, debt, and equity.

India's renewable energy sector is experiencing significant growth, with the government targeting at least 500 GW of clean energy capacity by 2030. Larger competitors such as Tata Power, Reliance Industries, and Adani Green Energy have also announced substantial investments in renewables.

Hero Future Energies, which already has projects in India, Ukraine, and Vietnam, expects 3.4 GW of capacity under construction to come online within the next two years.

Source: reuters.com