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Hero Group and KKR & Co. have agreed to invest $450 million in a renewable energy company, Hero Future Energies.
This investment will help the Hero group's renewable energy arm to expand the company's capacity across the solar, wind, battery storage, and green hydrogen.
Most of the investment in Hero Future Energies will be made by the private equity firm KKR, while the parent company Hero Group, which controls India’s largest motorcycle maker, will invest as a part of the transaction. The company had appointed JP Morgan as an advisor for this transaction.
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“HFE’s clean energy solutions play an important role in helping companies decarbonize as energy demands continue to grow,” said Hardik Shah, partner at KKR.
“We look forward to working closely with HFE’s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally"
“With this investment, Hero Future Energies will work to accelerate India’s energy transition and contribute to the Indian government's target of generating half the country’s power from non-fossil fuel sources by 2030,” said HFE chairman Rahul Munjal.
With the investment from KKR, HFE's valuation will cross $1 billion. Back in November 2019, a 20% stake in HFE was bought by Abu Dhabi Future Energy Co. for $150 million, taking the valuation of the company to $750 million.
It can be noted that HFE is planning to increase its capacity to 5 GW by the year 2024.
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