Private Equity Other Private Equity/Strategic Investments
Japan’s Sumitomo Corp acquires 49% stake in Hero Future Energies SPV
Japan’s Sumitomo Corporation has acquired a 49% stake in a special purpose vehicle (SPV) held by Delhi- and London-based renewable power player Hero Future Energies . The remaining 51% stake in the entity will continue to be held by the company.The SPV is tasked with the development of a 500-megawatt renewable energy project in the Bidar district of Karnataka. The project will generate electricity through a combination of wind, solar, and battery energy storage.Hero Future Energies is a global renewable energy firm and a part of the Hero Group, with a development pipeline of 10 gigawatts. The company is backed by KKR and the International Finance Corporation (IFC).
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Between Aug 2016 and Sep 2022, Hero Future Energies had attracted about $ 768 M from IFC, Hero Motocorp, KKR.For FY25, Hero Future Energies had reported about INR 44 Cr in Operating Income and about INR 26 Cr in Net Loss.