Sumitomo Corp to acquire 49% stake in HFE's 500 MW Karnataka project

Hero Future Energies will retain a 51 per cent stake in the 500 MW Karnataka project, which combines wind and solar power with large-scale battery energy storage

Hero Future Energies (HFE), the renewable energy arm of the Hero Group, today announced that Japan's trading and investment company Sumitomo Corporation will acquire a 49 per cent stake in its special purpose vehicle developing a 500 megawatt wind and solar project with large-scale battery energy storage in Karnataka.

 

HFE did not disclose the value of the deal but said it will retain the remaining 51 per cent stake. The company said India’s renewable energy sector is attracting increasing interest from global strategic and institutional investors, supported by the country’s growing focus on clean technology.

 

“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,” HFE Founder & Chairman Rahul Munjal said.

 

 

Commenting on the development, Jun Minase, General Manager, Overseas Energy Solution SBU of Sumitomo Corporation, said the company sees significant potential in HFE’s clearly defined growth ambitions, particularly as the share of renewable energy continues to grow rapidly within India’s energy mix.

 

“Through this partnership, Sumitomo Corporation will strengthen our renewable energy business platform in India while pursuing new business opportunities that support the stable supply of renewable energy,” he said.

 

HFE, backed by global investors including 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 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 solutions such as hybrid power, peak power, firm and dispatchable renewable energy (FDRE) and emerging technologies including energy storage and green hydrogen.