Kohlberg Kravis Roberts (KKR) and the Hero Group have signed definitive agreements to invest $450 million in Hero Future Energies (HFE), the renewable energy arm of the Hero Group. The investment in HFE is from KKR’s Asia Pacific Infrastructure Fund. This investment will help HFE’s future growth by expanding its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, as well as into new markets.

The HFE will also look to support companies in decarbonising and transitioning to sustainable energy sources in order to achieve net zero emission goals through its set of solutions. As of December 31, 2021, KKR deployed over $15 billion in equity globally to invest in renewable assets such as solar and wind, with a total operational power generation capacity of 23 GW.

In addition, KKR launched Virescent Infrastructure, a platform for acquiring renewable energy assets in India. The platform intends to diversify its portfolio of renewable energy assets, which will be made possible by investments made through KKR’s infrastructure fund.

Recently in September 2022, Virescent intended to purchase approximately 100 MW solar projects from Jakson Group. The Jakson acquisition would elevate the total operational solar capacity of Virescent to 600 MW. This would help the company to achieve its goal of acquiring a 1.5 GW portfolio of assets over the next two to three years.