Hero Future Energies (HFE), the renewable energy arm of India’s Hero Group, has partnered with Japan’s Sumitomo Corp. to develop a 500 MWp wind and solar project coupled with large-scale battery energy storage in Bidar, Karnataka.
Sumitomo will acquire a 49% stake in the special purpose vehicle developing the project, while HFE will retain the remaining 51%.
Rahul Munjal, founder & chairman, Hero Future Energies, said the partnership demonstrates HFE’s capabilities in executing complex renewable energy projects at scale.
“As India enters the next phase of its energy transition, partnerships such as the one with Sumitomo will play a critical role in bringing together capital and execution excellence to accelerate all round adoption of clean energy,” he added.
Jun Minase, general manager, Overseas Energy Solution SBU of Sumitomo Corp. said the partnership will strengthen Sumitomo’s renewable energy business platform in India as it pursues new business opportunities that support the stable supply of renewable energy.
“Hero Future Energies has built strong capabilities across project development, design and engineering and execution of complex renewable energy projects that can provide firm power to the grid,” said Srivatsan Iyer, global CEO, Hero Future Energies. “Our focus has consistently been on designing and delivering such complex projects with the highest standards of quality, safety and operational excellence, and building a robust portfolio across technologies and geographies. This partnership will further strengthen our ability to execute our growing project pipeline and build on our capabilities as we scale our clean energy portfolio.”
Nomura served as the financial advisor to Hero Future Energies in connection with the transaction.
Hero Future Energies (HFE) has a global portfolio of 7.7 GWp of renewable energy assets and 2.9 GWh of battery energy storage capacity across India, Ukraine, Vietnam and the UK, including both operating and under-development projects. Beyond conventional wind and solar PV assets, HFE’s portfolio includes advanced high-CUF solutions such as hybrid power, peak power, firm and dispatchable renewable energy (FDRE) and emerging technologies including energy storage and green hydrogen.
HFE also partners with commercial and industrial customers in hard-to-abate sectors such as chemicals, refining, manufacturing, steel, cement and transportation, supporting them in their net-zero transition. The company is backed by International Finance Corp. (IFC) and KKR.
Sumitomo Corp. is an integrated trading and business investment company with a strong global network comprising offices in over 60 countries and regions. The Sumitomo Corporation Group consists of approximately 500 companies and 80,000 employees on a consolidated basis. The Group’s business activities are spread across steel, automotive, transportation & construction systems, diverse urban development, communication services, digital AI, lifestyle business, mineral resources, chemicals solutions and energy transformation business.
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