Hero Future Energies, Sumitomo Corporation Partner for 500 MW Renewable Energy Project in Karnataka
Mumbai: Hero Future Energies (HFE), the renewable energy arm of the Hero Group, has partnered with Japan-based Sumitomo Corporation for a renewable energy project in Bidar, Karnataka.
Under the partnership, Sumitomo Corporation will acquire a 49% stake in the special purpose vehicle (SPV) developing an approximately 500 MWp wind and solar power project with a large-scale battery energy storage system. HFE will retain the remaining 51% stake.
The project will combine wind and solar generation with battery storage as part of its planned power infrastructure.
Rahul Munjal, Founder and Chairman, Hero Future Energies, said the partnership would bring together capital and project execution capabilities as India expands its renewable energy capacity.
Jun Minase, General Manager, Overseas Energy Solution SBU, Sumitomo Corporation, said the company sees potential for renewable energy development in India and expects the partnership to strengthen its renewable energy business platform in the country.
Srivatsan Iyer, Global CEO, Hero Future Energies, said the company has capabilities across renewable energy project development, design, engineering and execution, and that the partnership would support its growing project pipeline.
The Karnataka project is part of HFE’s wider renewable energy portfolio and will combine multiple generation technologies with energy storage.
