Kohlberg, Kravis Roberts & Co. (KKR) announced on Tuesday to invest $450 million, almost Rs. 3,585 crores, in Hero Future Energies (HFE). KKR is a Global Private Equity major which has deployed over $15 million globally to invest in renewable assets.
“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 is a combination of two groups, KKR and Hero. The major investment comes from KKR. The details of Hero’s investment remain disclosed.
KKR makes its investment from its maiden Asia Pacific Infrastructure Fund raised a record $3.9 billion last year, followed by a $17 million Global Infrastructure Fund that exceeded the initial $12 billion target.
US-based investment company KKR provides investment funds that invest in private equity & real estate and has strategic partners that manage hedge funds.
“KKR’s investment will drive Hero Future Energies’ growth in the rapidly growing renewable energy market 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,” said Srivatsan Iyer, Global CEO of Hero Future Energies.
Founded in 2012, Hero Future Energy is the leading independent power producer in India across multiple states, along with other countries such as Bangladesh, Ukraine, Singapore, Vietnam, and the UK. It plans to invest steadily and smartly in grid-connected solar and wind, rooftop sectors, energy storage and green hydrogen over the next five years globally.