KKR, a global investment firm, and the Hero Group will invest $450 million in Hero Future Energies.
Hero Future Energies aims to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets.
Hero Future Energies, founded in 2012, is a leading independent power producer (IPP) in India with a diversified portfolio of 1.6 GW of operating solar and wind projects.
Srivatsan Iyer, Global CEO of Hero Future Energies, said: “KKR’s investment will drive Hero Future Energies’ growth in the 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.”
Since 2011, KKR has deployed over $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.
In 2020, KKR set up Virescent Infrastructure, a renewable energy platform to operate renewable assets in India. In 2022, KKR launched Aster Renewable Energy, a renewables platform to develop, build and operate solar, wind, and energy storage projects in Taiwan and Vietnam, with a view to expand to other markets across the region.