Connect with us

Hi, what are you looking for?


Green Economy

India’s Hero Future Energies Plans To Raise $100 Million For Renewable Energy Expansion

A subsidiary of India’s largest two-wheeler manufacturer, Hero MotoCorp, is planning to raise $100 million to fund expansion in the country’s rapidly growing renewable energy market.

Hero Future Energies has announced plans to raise $100 million to fund project development in the solar and wind energy sectors, according to one of India’s leading business dailies, The Economic Times. Hero Future Energies, which has an operational renewable energy capacity of 260 MW across 10 states in India, is planning to expand this portfolio to 1 GW over the next few years, and is also looking to divest equity stakes to raise funds.

The company has been actively participating in solar power auctions under the policies and programmes of various states. Recently, the company secured a bid to develop a 38 MW solar PV project in the state of Madhya Pradesh. The bid was secured at ₹5.641/kWh ($0.09/kWh) in the auction that yielded the lowest-ever bid for a solar power project. The company is required to commission the project next year.

Several Indian companies are looking to diversify into the renewable energy sector to a) meet the corporate sustainability responsibility, b) reap the tax incentives, and c) develop captive power generation capacities with minimal government or bureaucratic interventions.

Hero Future Energies has pledged to add 5.15 GW of renewable energy capacity over the next 5-7 years. This includes 2.85 GW of solar power capacity and 2.3 GW of wind energy capacity. While the company has not announced any small hydro power projects, it is believed to be evaluating some projects.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.


You May Also Like

Green Economy

Some of the leading global pension funds are vying for a stake in the latest renewable energy yieldco offering in India. According to media...

Green Economy

Global investment firm KKR has participated in the second fundraising exercise in sixth months for India-based Serentica Renewables. According to media reports, KKR has...

Green Economy

The Indian renewable energy company Avaada has secured a massive $1.07 billion from multiple investors, including Brookfield.  According to media reports, Brookfield Renewable, part...

Clean Power

GAIL India, a government-owned natural gas distribution company, has announced plans to enter the solar module manufacturing sector. GAIL, formerly Gas Authority of India...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.