Hero Group and global investment firm KKR on Tuesday said they have agreed to invest $450 million in Hero Future Energies, the renewable energy arm of the group.

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This investment will help Hero Future Energies expand its renewable energy capacities such as solar, wind, battery storage and green hydrogen. Hero Future Energies is also planning to decarbonise to achieve its net zero emission goals.

This current investment plans to expand the renewable energy capacity and reduce carbon emissions by 1 billion tonnes by 2030 and achieve net-zero emissions by 2070.

Hardik Shah, Partner at KKR said: “Hero Future Energies’ clean energy solutions play an important role in helping companies decarbonise as energy demands continue to grow. We look forward to working closely with the management team and existing investors to help Hero Future Energies achieve its next growth phase.”

Rahul Munjal, Chairman & Managing Director of Hero Future Energies said that with this investment, Hero Future Energies would contribute to the Indian government's target of generating half the country’s power from non-fossil fuel sources by 2030.

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

Earlier in 2020, KKR set up Virescent Infrastructure - a renewable energy platform to own and operate renewable assets in India. This year, it further expanded its footprint with the launch of Aster Renewable Energy - a renewable platform to develop, build and operate solar and energy storage projects in Taiwan and Vietnam.

Hero Future Energies was founded in 2012 and has a diversified portfolio of 1.6 GW of operating solar and wind projects.

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First Published:Sept 20, 2022 12:57 PM IST