Hero Future Energies, a company in India, plans to invest $20 billion over six years in renewable energy.

Rahul Munjal, Chairman of Hero Group's Power Production Unit, said at an industry event Tuesday that the unit will invest $20 billion in six years to increase its production capacity by 16 times.

Hero Future Energies is backed by investors like KKR, International Finance Corporation and a number of other global companies. The company aims to reach 30 gigawatts by 2030.

Indian companies are increasing their renewable energy capacities. The government is aiming to increase the amount of clean energy to at least 500 GW by 2030 in order to reduce emissions.

Reliance Industries, Adani Green and Tata Power, the larger rival, announced $9 billion in investments to quadruple their renewable capacity. Similar pledges were made by Reliance Industries at the renewable energy conference RE-Invest held in Gujarat, a western Indian state.

Munjal stated that Hero's additions to capacity will focus on wind and solar power, as well as technologies for battery storage. The company will fund the project internally, using a combination of debt and equity.

The company expects to commission 3.4 GW in capacity in the next 2 years. It already has renewable energy projects in India and Ukraine.

(source: Reuters)