KKR-backed company plans to bid for storage projects tendered by SECI and set up green hydrogen projects.
KKR-backed Hero Future Energies, an Indian renewable energy company, plans to invest in green hydrogen and energy storage in India.
The company will bid for the storage projects tendered by SECI, including battery storage and pump storage, and is looking to set up green hydrogen projects in India.
Rahul Munjal, the chairman and managing director of the company in an interview with Livemint said he believes that hydrogen will become the mainstay of transition in mobility, with electric vehicles eventually giving way to hydrogen mobility in the next 5-10 years.
The company is also looking to expand its presence in the C&I (commercial and industrial) space. Munjal is optimistic about the opportunities in the Indian renewable energy market, with India targeting to achieve net zero by 2070. However, he acknowledges the challenges associated with storage, especially for wind and solar, which are both intermittent.
Munjal believes that the grid will need a complete overhaul to accommodate renewable energy, and that storage, either from batteries or hydrogen, will be necessary.
He also notes that there are regulatory issues in solar and battery storage, but is optimistic about the regulatory framework for hydrogen, which he believes is still in the early stages of development.