Moneycontrol PRO
Open App
Upcoming Event : Traders Conclave 2022 | India's Largest Retail Stock Investors & Traders Residential Conclave
you are here: HomeNewsBusiness

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

The investment will position HFE for continued growth and to also support its efforts to expand its renewable energy capacity and capabilities across technologies, the two sides said

September 20, 2022 / 01:04 PM IST
 (Representative image)

(Representative image)

American private equity giant KKR and Hero Group have agreed to invest $450 million in Hero Future Energies (HFE), the renewable energy arm of the Indian company, the two sides said on September 20.

The investment would position HFE for continued growth and also 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, a press release said.

Also Read | KKR in advanced talks to invest $400 million in Hero Future Energies: Report

“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,” Hardik Shah, Partner at KKR, said.

Through its range of solutions, HFE would also look to support companies in their efforts to decarbonise and transition towards sustainable energy sources to achieve their net zero emission goals, the release added.

Close

The investment would help accelerate India’s energy transition, the release said.

It advances the country’s significant effort to expand renewable energy capacity, reduce carbon emissions by 1 billion tons by 2030 and achieve net-zero emissions by 2070.

"Private sector participation, including from global investors, is expected to be a key enabler for India to meet these targets, in lockstep with supportive government policies," the release added.

Hero Future Energies has a diversified portfolio of 1.6 GW of operating solar and wind projects.

Rahul Munjal, Chairman & Managing Director, Hero Future Energies, said, “I am happy to welcome KKR as a strategic partner in our company to achieve our goal of expanding renewable energy capacity across multiple geographies by 2025.”

With the investment, Hero Future Energies would work to accelerate India’s energy transition and contribute to the Indian government's target of generating half the country’s power from non-fossil fuel sources by 2030, he said

Srivatsan Iyer, Global CEO of Hero Future Energies, said KKR’s investment would drive Hero Future Energies’ growth in the rapidly growing renewable energy markets as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others.

KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions.

Hero Future Energies is an independent power producer operating assets across utility, commercial and industrial sectors.

The company plans to invest progressively in grid-connected solar and wind, rooftop sectors, energy storage and green hydrogen over the next few years in India and internationally.
Moneycontrol News
first published: Sep 20, 2022 01:04 pm
Sections
ISO 27001 - BSI Assurance Mark