Hero Group to add 2.6 GW RE power capacity, adds BESS to projects as battery prices fall

Hero Future Energies (HFE), the renewable energy unit of Hero Group, plans to invest over $2 billion over the next two-and-a-half years as it feels "the time has come for the company to spread its wings", the company's global CEO said.

The company will also take advantage of a sharp decline in battery prices to add battery energy storage to its project, global CEO Srivatsan Iyer told reporters. He added that the company wanted to integrate "multiple technologies such as solar, wind and energy storage, instead of pure-play solar or wind projects."

HFE, part of the Munjal-promoted Hero Group, currently has an operating capacity of 1.8 GW, which Iyer said had been reached in about 12 years. "We will implement projects with a total capacity of 2.6 GW over two-and-a-half years," he said, indicating the company's RE generation capacity was set to more than double.

In April, the company signed an agreement with green technology provider Envision Energy that included the supply of wind turbine generators and technologies such as battery storage and green hydrogen.

Iyer has said HFE was actively looking at the green hydrogen space, but ruled out the possibility that the company would get into manufacturing of electrolyzers. The company has partnered with Bangalore-based Ohmium International to develop 1 GW of green hydrogen production facilities in India and Europe.