Hero Future Energies looks to add 2.5 GW of renewable energy capacity every year, given the opportunities in the sector. With 1.8 GW of operational capacity across solar, wind and hybrid projects, the renewable energy arm of Hero Group has won bids to develop another 2.6 GW.

All the projects will be funded with a mix of equity and debt. Further, over the next five years, the company will achieve five-fold equity valuation through value-added projects, technologically complex projects, and will focus on bidding for projects of Central government agencies. It raised almost USD 450 million from KKR and the Hero Group. Besides, the company also has projects in Ukraine, the UK and Bangladesh.

There is a need to add at least 50 GW of renewable energy capacity annually for the next six years to reach the nations' target of 500 GW of RE by 2030. This gains importance as the government and industries continue to introduce policies which encourage increased RE adoption.