Global private equity major KKR will invest $450m in Hero Future Energies (HFE), the renewable energy arm of the Hero Group
The majority investment comes from KKR along with co-investment from parent conglomerate Hero Group, details of which along with the valuation remain undisclosed.
US-based investor KKR makes its investment from its maiden Asia Pacific Infrastructure Fund raised last year with a record $3.9bn.
It followed up this year with a $17bn Global Infrastructure Fund, that exceeded the initial $12bn target.
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“This investment will position 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,” a statement said.
The investment in Hero Future Energies builds on KKR’s extensive experience in India and the renewables sector.
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 31 December 2021, the company said.
Source: Mint
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