Renewables subsidiary of Hero Group, Hero Future Energies (HFE), has announced its collaboration with Sumitomo Corporation. The Japanese multinational firm, operating in various sectors including trading and business investments, will invest in a 49 percent shareholding of the special purpose entity that will work on building a power generation facility of about 500 MWp of wind-solar power generation along with energy storage systems at Bidar in Karnataka state. The other 51 percent will be held by Hero Future Energies.
Rahul Munjal, the Founder & Chairman of 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.”
Jun Minase, the 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.”
This partnership is formed amidst a time when the renewable energy industry in India is increasingly becoming a focal point for international strategic investors and institutions. This can be attributed to India’s expanding demands for energy and its emphasis on technologies that harness renewable sources of power. Additionally, the formation of larger reservoirs of capital is laying the groundwork for future development within this industry.
