Hero Future Energies (HFE), the renewable energy subsidiary of India’s Hero MotoCorp, has today announced $150m (£116.5m) in investment to expand its project portfolio.
The company also announced that they had relocated their global headquarters to London, citing its status as the leading centre for international finance and ambitions in renewables as the chief reasons.
Masdar, Abu Dhabi’s renewable energy company, is behind the investment, which will help the company move into international markets across Europe and Asia.
25 per cent of the company’s growth is expected to come from new markets such as the UK, Bangladesh, Singapore, Vietnam, Indonesia and the Philippines.
This is the second such investment in HFE since 2017, following funding of $125m from the International Financial Corporation.
HFE chairman Rahul Munjal said: “We are in the ideal location to create a premier global clean-tech company and help provide solutions to the enormous challenges posed by climate change.
“The UK office will be the strategic base from which new markets and projects will be identified, focusing mainly on EMEA and where our investment decisions will be made.”
HFE’s current portfolio includes 1.3 gigawatts of wind and solar power with an additional 1.5 gigawatts under construction.
By 2022 the company has targeted an increased capacity of 5 gigawatts, along with innovative new projects in battery storage and floating solar.
Munjal said that HFE was looking at viable investments in the UK and would be in position to make announcements next year.
He added: “Our investments will all be on an industrial scale – we want to build large-scale capacity that makes a tangible contribution to the fight against climate change.”
Mohamed Jameel Al Ramahi, chief executive of Masdar, said: “We are proud to associate our name with one of India’s most iconic brands and to support it further expansion, both in India’s burgeoning renewable energy sector and new geographies.”
Main image credit: Getty