Japan-based Sumitomo Corporation to pick 49% stake in HFE project SPV
The Special Purpose Vehicle (SPV) of Hero Future Energies (HFE) is developing a project of an approximately 500 MWp wind and solar power plant with a large-scale battery energy storage at Bidar, Karnataka
Japanese investment firm Sumitomo Corporation is set to invest 49% in a special purpose vehicle (SPV) of Indian renewable energy company Hero Future Energies (HFE), according to a statement released on Monday. The SPV is working on a 500 MWp wind and solar power project, along with a large-scale battery energy storage system, in Bidar, Karnataka.
Sumitomo Corporation and HFE have signed a strategic partnership, through which Sumitomo will acquire a 49% stake in the project's SPV, while HFE will retain the remaining 51%. HFE CEO Rahul Munjal emphasized the importance of such partnerships in India's energy transition, stating that collaborations like the one with Sumitomo will bring together capital and execution excellence to accelerate the adoption of clean energy.
For Sumitomo Corporation, this partnership will strengthen its renewable energy business platform in India and open up new opportunities to support the stable supply of renewable energy. The financial advisor for Hero Future Energies in this transaction was Nomura.
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