ImpactAlpha, November 12 – Hero Group is an industrial equipment giant in India that launched a clean tech division seven years ago. Its built up a 2.7-gigawatt solar and wind portfolio and pipeline at home, but the company has bigger goals: the global clean energy market.
A $150 million equity infusion from Masdar, Abu Dhabi’s government-backed clean energy company, will support Hero’s planned growth in Europe and the U.K., Bangladesh and Southeast Asia, India’s Business Standard reports. As part of the global strategy, Hero Future Energies has moved its main office to London, with satellite operations in India and Singapore.
Hero Future Energies kicked off the first phase of its international growth in Africa and Southeast Asia in 2018, following a $125 million investment from the International Finance Corporation the previous year.
The company wants to reach five gigawatts of installed renewable energy capacity by 2022 and will invest in other clean technologies like battery storage and electric charging stations for electric vehicles.