Sumitomo Corporation to acquire stake in HFE’s 500 MW renewable project

Hero Future Energies (HFE), the renewable energy division of the Hero Group, has partnered with Japan-based Sumitomo Corporation to develop a 500 MWp wind and solar hybrid power plant in Bidar, Karnataka.

Under the agreement, Sumitomo Corporation will acquire a 49 per cent stake in the special purpose vehicle (SPV) created to develop the project, while HFE will retain a 51 per cent stake. The facility will include a large-scale battery energy storage system (BESS).

This collaboration follows Sumitomo Corporation’s previous announcements regarding significant capital deployment in India’s renewable energy sector. HFE has also been expanding its footprint through other projects, including a 120 MW round-the-clock renewable energy project and a memorandum of understanding with the Andhra Pradesh government to develop 4 GW of renewable energy projects.