ImpactAlpha, September 21 — New Delhi-based independent power producer Hero Future Energies was launched a decade ago by industrial equipment giant Hero Group. The company has built a portfolio of 1.6 gigawatts of solar and wind power in India, Bangladesh, Vietnam, Singapore, Ukraine and the U.K.
Hero Future Energies has raised $450 million from KKR and Hero Group will help the company expand into battery storage and green hydrogen and enter new markets. KKR invested through its $3.9 billion Asia Pacific Infrastructure Fund. The investment brings Hero Future Energies valuation to $1 billion.
Climate finance in India
Hero Future Energies is supporting the Indian government’s 2030 goals of generating half of the country’s power from non-fossil fuel sources and reducing carbon emissions by one billion tons, on the way to net-zero carbon emissions by 2070.
Climate finance in India reached $20 billion last year, mostly for renewable energy generation. The country’s government is trying to make it easier for global private investors like KKR to enter the market.