Hero Future Energies, part of Hero group, has a portfolio of nearly 7.2 GW of renewable energy assets spanning solar, wind, and hybrid, along with 2.3 GWh of battery energy storage systems in four countries and is looking to expand its capacity and scale up green hydrogen and hybrid projects. In an interview, Srivatsan Iyer, global CEO of the company ,tells Raghavendra Kamath about issues in the renewable energy and the company’s strategy.
How would the current geopolitical tension impact energy transition in the country?
Geopolitical developments are making one thing clear: energy security and economic stability are inseparable. Recent disruptions to critical supply routes have exposed the real cost of dependence on imported fossil fuels, and they have strengthened the case for accelerating India’s shift to domestic, clean energy. Renewable energy is no longer just a climate imperative; it is now central to building economic resilience against global price shocks and supply volatility. For India, the energy transition must be viewed through the lens of self-reliance. This is an opportunity to build a sustainable, domestically anchored energy future, and the strategic case for doing so has never been stronger.
Due to shortage of gas and hydro, thermal energy—which is already meeting 75% of India’s power demand—is expected to take incremental load of energy demand. How do you look at it? Will it affect India’s non-fossil fuel targets?
The near-term increase in thermal generation is a practical response to current supply constraints, and it should be read in that context, not as a reversal of India’s energy transition. We are in a phase of coexistence, where thermal power continues to support system stability while renewable capacity, storage, and grid infrastructure scale up. The intermittency of solar and wind, combined with the time required to deploy large-scale storage, means thermal power will remain a necessary balancing source for some years ahead.
That is a reality the transition has always had to accommodate. What matters is the trajectory, and India’s long-term commitments remain firmly intact. The goal of 500 GW of non-fossil capacity continues to drive investment and policy. The transition is evolving toward hybrid models and greater system-wide electrification, ensuring that even as coal plays a near-term role, the direction of travel is unambiguous: toward a cleaner, more resilient energy system.
What is the update on your IPO plans?
Our focus remains on strengthening the business fundamentals, scaling our portfolio, and creating long-term value. We will take a considered view on any capital raise at the appropriate time.
What are your capacity expansion plans till FY30?
Looking ahead to FY30, our focus is on scaling high-quality assets while growing our hybrid and storage offerings. We are deepening our capabilities in grid-integrated, dispatchable renewable solutions, the kind of firm power that industries and utilities increasingly need. Green hydrogen is also a priority workstream, where we are developing flexible, scalable models for both industrial and utility-scale applications. Our competitive advantage lies in being a low-cost renewable energy producer with the project execution depth to deliver complex, integrated solutions at scale.
What is the update on your green hydrogen plans?
We have built a strong foundation in green hydrogen, and we believe our credentials as a low-cost renewable energy producer position us well in this space. Our approach is to develop flexible, scalable models that serve both industrial and utility-scale applications, supported by strategic partnerships with leading electrolyser OEMs. We are actively working with industry partners to explore and validate green hydrogen use cases, including our ongoing work on blending green hydrogen with LPG or Natural Gas at Tirupati.
The government recently mandated that all solar projects use locally manufactured ingots and wafers from June 1, 2028, extending domestic sourcing rules to the most import-dependent segment of the solar supply chain. How do you look at it?
This is a significant and timely step. Extending the Approved List of Models and Manufacturers (ALMM) to include solar wafers, the most import-intensive segment of the supply chain, signals the government’s commitment to building a fully integrated domestic solar manufacturing ecosystem. By enabling incentives across the wafer, cell, and module levels, the policy creates a genuine opportunity to accelerate innovation, deepen localisation, and reduce India’s dependence on imported components. What is encouraging is the lead time built into the mandate. Capacity creation at this scale requires sustained investment and planning, and a 2028 timeline provides industry the runway needed to respond meaningfully. Executed well, this could be a defining milestone for India’s solar manufacturing ambitions.