500 MWp Karnataka Renewable Energy Project Brings Hero Future Energies and Sumitomo Corporation Together

Rahul Munjal, Founder & Chairman, Hero Future Energies, Jun Minase, General Manager, Overseas Energy Solution SBU, Sumitomo Corporation, and Srivatsan Iyer, Global CEO, Hero Future Energies, outline the partnership under which Sumitomo Corporation will acquire a 49% stake in the project SPV while Hero Future Energies retains 51%.

Hero Future Energies and Sumitomo Corporation have entered into a partnership for an approximately 500 MWp renewable energy project combining wind and solar generation with large scale battery energy storage at Bidar in Karnataka.
Under the transaction, Sumitomo Corporation will acquire a 49% stake in the special purpose vehicle developing the project. Hero Future Energies, the renewable energy arm of the Hero Group, will retain the remaining 51%.
The partnership combines Hero Future Energies’ project development and execution capabilities with Sumitomo Corporation’s participation as a strategic investor as the companies pursue the wind, solar and storage project.
Rahul Munjal, Founder & Chairman, Hero Future Energies, said, “We are delighted to welcome Sumitomo Corporation as a strategic partner in this project. This partnership is an endorsement of HFE’s capabilities to execute complex renewable energy projects at scale.”

He added, “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.”
The project comes as renewable energy developments increasingly combine generation technologies with storage to address the delivery of power to the grid.
Jun Minase, General Manager, Overseas Energy Solution SBU of Sumitomo Corporation said, “We are very pleased to collaborate with Hero Future Energies. We see 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.”
Hero Future Energies said its capabilities span project development, design, engineering and execution across renewable energy projects. The company has been building a portfolio covering wind, solar, hybrid power, peak power, firm and dispatchable renewable energy, energy storage and green hydrogen.

Srivatsan Iyer, Global CEO, Hero Future Energies said, “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. 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.”
Hero Future Energies has stated that its global portfolio comprises 7.7 GWp of renewable energy assets and 2.9 GWh of battery energy storage capacity across India, Ukraine, Vietnam and the UK. The figures include operating projects as well as developments under execution.
The company also works with commercial and industrial customers in sectors including chemicals, refining, manufacturing, steel, cement and transportation on their transition towards lower emission energy use.

Sumitomo Corporation operates across multiple business areas globally, including its Energy Transformation Business. Through the Karnataka partnership, the company is seeking to expand its renewable energy business platform in India.
Nomura served as financial advisor to Hero Future Energies for the transaction.

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