Indian conglomerate Hero Group's power production unit, Hero Future Energies plans to invest USD 20 billion over the next six years to boost its capacity by nearly 16 times.
Hero's capacity additions will go towards producing wind and solar energy as well as battery storage technologies, and will be funded internally and through a mix of debt and equity.
The company, with RE projects in India, Ukraine and Vietnam, expects 3.4 GW of capacity, currently under construction, to be commissioned in the next two years. Hero Future Energies, backed by global investors such as KKR and International Finance Corporation (IFC), aims to increase its capacity to 30 GW by 2030 from an installed 1.9 GW currently.
Similarly, Tata Power has announced investment worth USD nine billion to quadruple its renewable capacity, with similar commitments from Reliance Industries and Adani Green Energy at the renewable energy conference RE-Invest, being held in Gujarat.