Hero Future Energies, backed by global investors such as KKR (KKR.N), opens new tab 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 (TTPW.NS), opens new tab announced investments worth $9 billion to quadruple its renewable capacity, with similar pledges coming from Reliance Industries (RELI.NS), opens new tab and Adani Green Energy (ADNA.NS), opens new tab 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.
