Established in 2012, Hero Future Energies is an independent power producer in India with a portfolio of nearly 1.6GW of operational solar and wind facilities
Hero Future Energies has nearly 1.6GW of operating wind and solar facilities. (Credit: seagul from Pixabay)
US-based investment firm KKR and Hero Group signed a definitive agreement to invest $450m in the latter’s renewable energy business, Hero Future Energies (HFE).
Established in 2012, Hero Future Energies is an independent power producer in India. It has a portfolio of nearly 1.6GW of operational solar and wind facilities across utility and industrial and commercial sectors.
It has a footprint across various states in India, Bangladesh, Singapore, Vietnam, Ukraine, and the UK.
The company plans to invest in rooftop sectors, energy storage, grid connected solar and wind, and green hydrogen over the next few years in India and at a global level.
With its variety of solutions, Hero Future Energies seeks to help companies to achieve net zero emission goals through decarbonisation and shift towards sustainable energy sources.
The investment from KKR and Hero Group is aimed at expanding Hero Future Energies’ capacity and capabilities across various technologies such as wind, solar, battery storage and green hydrogen, in addition to entering new markets over time.
Hero Future Energies global CEO Srivatsan Iyer said: “KKR’s investment will drive Hero Future Energies’ growth in the rapidly growing renewable energy markets domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others.
“This partnership is also a validation of our core strengths and capabilities in design and engineering, development, and project execution, while achieving excellence in health, safety and environment standards.”
The funding led by KKR is also expected to advance India’s expansion of renewable energy capacity and reduction of carbon emissions by one billion tons by 2030 to achieve net-zero emissions by 2070.
KKR partner Hardik Shah said: “Hero Future Energies is a pioneer in India’s renewables sector, and has a strong track record of delivering innovative clean energy solutions to support India’s renewable energy ambitions.
“HFE’s clean energy solutions play an important role in helping companies decarbonise as energy demands continue to grow.
“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 has funded Hero Future Energies from its Asia Pacific Infrastructure Fund.