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KKR and Company is in advanced negotiations to invest around $400 million in Hero Group’s renewables energy company Hero Future Energies, reports ET. This would be the US private equity firm’s single largest investment in the India’s clean energy space so far.
KKR will be using its infrastructure fund as the vehicle for this investment.
Hero Future Energy, which operates in the wind, grid-connected solar, solar rooftop and energy storage sectors, is expected to use the infusion to reduce debt and grow its business.
JP Morgan is advisor on the transaction.
A formal announcement is expected in a few weeks.
Earlier in May this year, KKR has agreed to buy British power generation company ContourGlobal in an all cash deal worth £1.75bn ($2.18bn).
In April, Global investment firm KKR announced the launch of Aster Renewable Energy (“Aster”), a newly created renewables platform to develop, build, and operate solar, wind and energy storage projects in Taiwan and Vietnam, with a view to expand to other markets in Asia.