NEW DELHI: Global investment firm KKR and Hero Group said on Tuesday that they will invest $450 million (around Rs 3,588 crore) in Hero Future Energies — the renewable energy arm of the group.
The investment will position Hero Future Energies (HFE) for continued growth and support its efforts to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets over time, the companies said in a statement.
Through its range of solutions, HFE will also look to support companies in their efforts to decarbonise and transition towards sustainable energy sources to achieve their net zero emission goals.
Founded in 2012, Hero Future Energies is an independent power producer (IPP) with a diversified portfolio of 1. 6 GW of operating solar and wind projects.
Hardik Shah, partner at KKR, said, “We look forward to working closely with HFE’s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally.”
KKR makes its investment from its Asia-Pacific Infrastructure Fund. Rahul Munjal, chairman & managing director of Hero Future Energies, said, “With this investment, HFE will work to accelerate India’s energy transition. ”