The Competition Commission of India has recently approved a $450 million investment through the subscription of compulsorily convertible preference shares of Hero Group’s renewable arm, Hero Future Energies (HFE) by Ardor Holding II Pte, a special purpose vehicle indirectly owned by global investment firm Kohlberg Kravis Roberts (KKR).

HFE is primarily engaged in the implementation of power projects and renewable power generation, particularly solar and wind.

Hero Future Energies declined to comment on the development when Mercom contacted the company.

Last year, KKR and HFE inked definitive agreements to invest $450 million in the latter. Aimed at supporting HFE’s growth strategies, the company would use the investment to expand its clean energy capacity and its capabilities across renewable technologies including battery storage, and green hydrogen.

HFE said that it would also use the investment to help companies achieve their decarbonization goals.

Global CEO of Hero Future Energies Srivatsan Iyer commented that, “KKR’s investment will drive Hero Future Energies’ growth domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others.”

The investment in HFE is made from KKR’s Asia Pacific Infrastructure Fund and builds on the latter’s experience in India and the renewables sector.

KKR also launched Virescent Infrastructure, which is a platform aimed to expand its diversified portfolio of renewable energy assets in India, facilitated by investments made through KKR’s infrastructure fund.

In July 2022, HFE partnered with U.S. electrolyzer maker Ohmium International to install 1 GW of green hydrogen production sites in India, the United Kingdom, and Europe. Ohmium said that it would handle the facilities’ design, construction, operations, and maintenance, while HFE will be the owner of the assets.

In the same month, Hero Future Energies was declared the winner of the auction conducted by the Kerala State Electricity Board for the construction of a 10 MW/20 MWh, grid-connected battery energy storage system in the state. The project was HFE’s maiden utility-scale battery energy storage system project.

According to Mercom’s India Solar Project Tracker, Hero Future Energy’s portfolio consists of 1.36 GW of operational solar projects.