By Sethuraman N R
GUJARAT (Reuters) – Indian conglomerate Hero Group’s power production unit plans to invest $20 billion over the next six years to scale up its capacity by nearly 16 times, chairman Rahul Munjal told Reuters at an industry event on Tuesday.
Hero Future Energies, backed by global investors such as KKR and International Finance Corporation (IFC), aims to increase its capacity to 30 gigawatts (GW) by 2030 from an installed 1.9 GW currently.
Indian companies are expanding their renewable energy capacity, with the government aiming to add at least 500 GW of clean energy by 2030 to reduce emissions.
Larger rival Tata Power announced investments worth $9 billion to quadruple its renewable capacity, with similar pledges coming from Reliance Industries and Adani Green Energy at renewable energy conference RE-Invest, held in the western Indian state of Gujarat.
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, Munjal said.
The company, which already owns renewable energy projects in India, Ukraine and Vietnam, expects 3.4 GW of capacity, currently under construction, to be commissioned in the next two years.
(Reporting by Sethuraman N R in Gandhinagar, writing by Hritam Mukherjee in Bengaluru)
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