In a statement, the two companies said they have signed definitive agreements under which KKR & Co Inc and the Hero Group would invest $450 million in HFE. The companies did not reveal individual amounts put by the two groups.

“This investment will position HFE for continued growth and support its efforts to expand its renewable energy capacity. It would also enhance capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets over time,” said the statement.

Hero Future Energies (HFE), founded in 2012, is an independent power producer with a portfolio of 1.6 GW of solar and wind projects.

“HFE’s clean energy solutions play an important role in helping companies decarbonise as energy demands continue to grow. We look forward to working closely with HFE’s management team and existing investors, including the Hero Group and International Finance Corporation (IFC). This would help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally,” said Hardik Shah, partner at KKR.

In 2019, HFE reorganised its business to expand its portfolio abroad and access cheaper funding.