KKR and Hero Group have signed a definitive agreement to invest $450 million in the latter's renewable energy business, HFE. Founded in 2012, Hero Future Energies is an independent power producer in India. It has a portfolio of nearly 1.6GW of operational solar and wind energy facilities across the utilities and industrial and commercial sectors. It has a presence in various states in India, Bangladesh, Singapore, Vietnam, Ukraine and the United Kingdom.

The company plans to invest in rooftop sectors, energy storage, grid-connected solar and wind, and green hydrogen in India and globally over the next few years. With its various solutions, Hero Future Energies aims to help businesses achieve their net-zero emissions goals by decarbonizing and switching to sustainable energy.

Srivatsan Iyer, global chief executive of Hero Future Energies, said KKR's investment will fuel Hero Future Energies' growth in the fast-growing renewable energy market both domestically and globally, as well as in new technologies such as battery storage and hybrid solar-wind projects. This partnership is also a validation of our core strengths and capabilities in design and engineering, development and project execution, while achieving excellence in health, safety and environmental standards.

KKR partner Hardik Shah said Hero Future Energies is a pioneer in India's renewable energy sector with a proven track record in delivering innovative clean energy solutions to support India's renewable energy ambitions. As energy demand continues to grow, HFE's clean energy solutions play an important role in helping businesses decarbonize. We look forward to working closely with HFE's management team and existing investors to help HFE achieve its next phase of growth and contribute to energy transition efforts in India and globally.Editor/XingWentao