Private equity firm KKR has invested US$450 million in Indian independent power producer (IPP) Hero Future Energies (HFE) to support its renewables expansion.
The investment will position the Indian IPP for growth across technologies such as solar, wind, battery storage and green hydrogen, while also supporting it to enter new markets by 2025.
With the Indian solar PV market set to accelerate its growth this decade and the government’s push to incentivise domestic manufacturing production, the investment will also allow HFE to look into newer technologies such as round-the-clock (RTC) power, which has been heavily sought after in India in recent months, or solar-wind hybrid projects, according to global CEO of HFE, Srivatsan Iyer.
KKR continues to invest in Asia where it launched its renewables platform, Aster Renewable Energy, to develop, build and operate solar, wind and energy projects in Taiwan and Vietnam initially, before expanding to other markets in Southeast Asia.
In 2020, the equity firm launched Virescent Infrastructure in India to own and operate renewable assets in the Asian country.
[Jonathan Tourino Jacobo]