Hero Group's power generation arm, Hero Future Energies, said it has plans to invest $20 billion over next six years to ramp up its capacity by nearly 16 times.
Chairman Rahul Munjal said Hero plans to ramp up power capacity for wind and solar energy, and also develop battery storage technologies. The initiatives will be funded internally through a mix of debt and equity, reported Reuters.
Hero Future Energies owns renewable projects in India, Ukraine and Vietnam, and said it expects 3.4 GW worth of capacity may be commissioned in two years.
Hero Future Energies is backed by KKR and International Finance Corporation (IFC), and said it is looking to ramp up capacity to 30 GW by 2030 from a present installed capacity of 1.9 GW.
Rahul Munjal said he believes India is well-positioned to lead the global shift toward sustainable alternatives. The company has been talking about the strategic advantages in decarbonising shipping and aviation through greener fuels.
A number of businesses have shown commitment to ramp up green energy capacities at the RE-Invest event. Minister Pralhad Joshi said the Centre has received a commitment of over Rs 32 lakh crore worth of finance pledge for the sector.
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