New York's KKR Invests in Hero Future Energies in $450 Million Transaction

• New York's Kohlberg Kravis Roberts & Company (KKR), a leading international investment company, as well as Hero Future Energies (" HFE" or the "Company")- the renewable energy arm of the Hero Group, have actually introduced the signing of conclusive agreements.

Under the contracts, KKR and the Hero Group will certainly invest $450 million in the company. This investment will position HFE for ongoing growth as well as sustain its initiatives to expand its renewable energy capacity as well as abilities throughout modern technologies such as solar, wind, battery storage space, and green hydrogen, and into new markets over time. With its series of services on offer, HFE will certainly likewise supply support to companies in their initiatives to decarbonize and also shift towards sustainable energy sources to attain net zero emission objectives.

Developed in 2012, Hero Future Energies is a leading independent power manufacturer (IPP) in India with a diversified portfolio of 1.6 GW of operating solar and wind projects.

Beyond supporting HFE's growth, this round of financial investment led by KKR will likewise accelerate India's energy change. It breakthroughs the nation's substantial initiative to increase renewable energy capacity, lower carbon emissions by 1 billion bunches by 2030 and also attain net zero emissions by 2070, as energy need continues to grow together with economic growth. Economic sector involvement, consisting of from international financiers, is expected to be an essential enabler for India to fulfill these targets, in lockstep with encouraging federal government plans.

Hardik Shah, Partner at KKR, stated, "Hero Future Energies is a leader in India's renewables field, as well as has a solid record of providing cutting-edge clean energy remedies to support India's renewable resource passions. HFE's clean energy services play an essential duty in assisting companies decarbonize as energy demands remain to expand. We eagerly anticipate working carefully with HFE's management team and also existing capitalists, consisting of the Hero Group and also IFC, to aid HFE attain its following phase of development and contribute to the energy transition initiatives in India and worldwide."

Rahul Munjal, Chairman & Managing Director of Hero Future Energies, stated, "I enjoy to welcome KKR as a tactical partner in our company to accomplish our goal of expanding renewable resource capacity across multiple locations by 2025. With this financial investment, Hero Future Energies will certainly work to accelerate India's energy change as well as contribute to the Indian federal government's target of producing half the nation's power from non-fossil fuel sources by 2030."

Srivatsan Iyer, Global CEO of Hero Future Energies, included, "KKR's investment will certainly drive Hero Future Energies' development in the rapidly growing renewable resource markets domestically as well as worldwide, in addition to in new technologies such as battery storage space, solar-wind hybrid projects, round-the-clock power, and also green hydrogen, to name a few. This partnership is also a validation of our core strengths as well as capabilities in design as well as engineering, advancement, as well as project implementation, while achieving excellence in wellness, safety and security and atmosphere standards."

Isabel Chatterton, Asia Pacific Regional Head of Infrastructure at IFC, stated, "IFC is pleased to invite KKR as a tactical partner on our longstanding financial investment in Hero Future Energies. This financial investment will certainly improve the company's growth prepares both in India and internationally, meeting surging energy needs and reducing versus environment effects with reliable as well as affordable clean energy services. Hero Future Energies has actually achieved success in building a leading renewables system that will certainly help accelerate the transition to a lasting, green economic situation."

KKR makes its investment from its Asia Pacific Infrastructure Fund. The financial investment in Hero Future Energies builds on KKR's comprehensive experience in India as well as the renewables field. Given that 2011, KKR has actually released over $15 billion in equity around the world to purchase renewable possessions, such as solar and wind, which have an operational power generation capacity of 23 GW, since December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure approach and also looks for to capture the significant possibilities throughout the region. In 2020, KKR established Virescent Infrastructure, a renewable resource system to have as well as operate renewable possessions in India. In 2022, KKR released Aster Renewable Energy, a renewables system to develop, construct and also run solar, wind, and energy storage space projects in Taiwan and also Vietnam for increase to various other markets throughout the area.