Hero Future Energies (HFE), a subsidiary of Hero Group, announced that the Japanese trading and investment company Sumitomo Corporation will acquire a 49% stake in a special company developing a 500-megawatt project combining wind and solar energy with large-scale battery energy storage in the state of Karnataka.
HFE will retain the remaining 51% stake in the project. The company noted that India's renewable energy sector is attracting growing interest from global strategic and institutional investors, supported by the country's increased focus on clean technologies.
HFE founder and chairman, Rahul Mundjal, stated that partnerships like the one with Sumitomo will play a crucial role in India's energy transition process, helping to combine capital and high-quality execution to accelerate the widespread adoption of clean energy.
Company Representatives' Comments
Jun Minase, General Manager of Sumitomo Corporation's SBU for Overseas Energy Solutions, commented on this development, noting the significant potential in HFE's clearly defined growth plans, especially against the backdrop of the rapid increase in renewable energy share in India's energy mix.
He added that through this partnership, Sumitomo Corporation will strengthen its platform in renewable energy in India and will seek new opportunities to support stable renewable energy supply.
HFE, backed by global investors such as the International Finance Corporation (IFC) and KKR, has a portfolio of 7.7 gigawatts of renewable energy assets and 2.9 gigawatt-hours of battery energy storage capacity. These assets are located in India, Ukraine, Vietnam, and the United Kingdom, including both operational and under-development projects.
In addition to traditional wind and solar photovoltaic generation facilities, HFE's portfolio includes advanced solutions such as hybrid power, peaking power, firm and dispatchable renewable energy (FDRE), and new technologies including energy storage and green hydrogen.
