KKR, Hero Group to invest $450 million in Hero Future Energies

New Delhi: Global investment firm KKR and Hero Group will invest USD 450 million (around Rs 3,588 crore) in Hero Future Energies, a statement said on Tuesday.

Hero Future Energies is the renewable energy arm of the Hero 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 statement said.

Through its range of solutions, HFE will also look to support companies in their efforts to decarbonize and transition towards sustainable energy sources to achieve their net zero emission goals.

Founded in 2012, Hero Future Energies is a leading independent power producer (IPP) in India 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 in the statement, "With this investment, HFE will work to accelerate India’s energy transition." Since 2011, KKR has deployed over USD 15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021.