Hero Future Energies Revenue, Valuation, Funding & Investors

Hero Future Energies is valued at $1B as of September 2022.

Last Hero Future Energies valuation

$1B

Undisclosed stage · Sep 2022

Last Hero Future Energies funding round

$447M

Undisclosed stage · Sep 2022

Hero Future Energies revenue

$130M

Undisclosed stage · Nov 2019

Key investors in Hero Future Energies

  • KKR
  • International Finance Corporation
  • Hero Group

Hero Future Energies Overview

About Hero Future Energies

Hero Future Energies is a renewable energy developer within India's Hero Group, generating solar, wind, and hybrid power for commercial and institutional customers. Headquartered in New Delhi, HFE operates over 3 GW capacity across Rajasthan, Karnataka, and Andhra Pradesh, supplying clean electricity under long-term PPAs. The company supports Renewable Purchase Obligations for industries, schools, and government bodies through rooftop solar and open-access models. Established in 2012, Hero Future Energies partners with GE Renewable Energy for turbine installations and Siemens Gamesa for wind projects.


Founded

2012

HQ

IndiaNew Delhi

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Usage-based

Revenue

$130M (Nov 2019)

Valuation

$1B (Sep 2022)

Hero Future Energies Valuation

Hero Future Energies is currently valued at $1B, based on its undisclosed-stage round in September 2022.

The $447M round was led by KKR, with participation from Hero Group.

Hero Future Energies' valuation has grown 1.3x from $750M at its undisclosed-stage round in November 2019 to $1B in September 2022, across 2 priced rounds.

Hero Future Energies valuation by funding round

Revenue multiple
Hero Future Energies valuation by funding round
DateStageValuationRevenue Multiple
Sep 2022Undisclosed stage$1B-
Nov 2019Undisclosed stage$750M5.8x

Hero Future Energies Revenue

Hero Future Energies' latest recorded revenue is $130M, as of its undisclosed-stage round in November 2019. At a $750M valuation, that implies a 5.8x revenue multiple.

Hero Future Energies revenue by funding round

Hero Future Energies revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2019$130M$750M5.8xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Hero Future Energies Funding History

Hero Future Energies has raised a total of $722M across 3 funding rounds.

Hero Future Energies' first fundraising round was a $125M undisclosed-stage round in January 2017. The most recent completed round was a $447M undisclosed-stage round in September 2022.

Hero Future Energies funding rounds

Hero Future Energies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Undisclosed stageKKR (lead); Hero Group$447M$1BHero Future Energies (HFE) is the renewable energy arm of India's Hero Group, founded in 2012 as a leading independent power producer (IPP) with a diversified portfolio of 1.6 GW operating solar and wind projects across India, Bangladesh, Vietnam, Singapore, Ukraine, and the UK. In September 2022, KKR led a $450 million investment alongside the Hero Group, sourced from KKR's Asia Pacific Infrastructure Fund, bringing HFE's valuation to $1 billion. The funds aim to expand into battery storage, solar-wind hybrids, round-the-clock power, green hydrogen, and new markets by 2025, supporting India's renewable energy goals of reducing carbon emissions by 1 billion tons by 2030 and net-zero by 2070. The transaction validates HFE's strengths in design, engineering, development, project execution, and health, safety, and environment standards, positioning it for growth in domestic and global renewable markets. HFE's operational assets include long-term PPAs with a weighted average balance tenor of 16.8 years, featuring projects like wind farms in Maharashtra and Karnataka with tariffs including generation-based incentives (GBI). KKR's investment builds on its $15 billion global equity deployment in renewables, with 23 GW operational capacity as of December 2021. Financially, HFE's Restricted Group (RG) reported EBITDA of INR 4,167 million in FY22, rising to INR 4,597 million in FY23, reflecting stabilized operations across its capacity in three renewable-rich Indian states. The company maintains investment-grade ratings like Ba2/Stable from Moody's and BB-/Stable from S&P, affirmed in 2022. This round enhances HFE's capacity to contribute to India's target of generating half its power from non-fossil sources by 2030.
Nov 2019Undisclosed stage-$150M$750MHero Future Energies (HFE), a subsidiary of the Hero Group established in 2012, is an independent power producer focused on renewable energy, including grid-connected solar and wind projects in utility, commercial, and industrial sectors across India, Bangladesh, Vietnam, Singapore, Ukraine, and the UK. At the time of the November 2019 funding round, HFE had approximately 1.6 GW of operating assets and a pipeline of 500 MW of large-scale grid-connected solar projects in Europe, Africa, and South Asia, with ambitions to reach 5 GW capacity by 2024. On November 11, 2019, Abu Dhabi Future Energy Company (Masdar) made a strategic investment of $150 million for a 20% stake in HFE, implying a post-money valuation of $750 million for the New Delhi-based company. This equity infusion aimed to fund the expansion of HFE's renewable energy portfolio, including international geographies, supporting its goal to provide planet-positive power solutions amid climate challenges. The transaction was advised by JP Morgan. Existing investors included the Hero Group and the International Finance Corporation (IFC), which had previously invested $125 million in equity in 2017 to support India's renewable energy program. The Masdar deal marked a significant milestone, enhancing HFE's growth phase and alignment with global clean-tech ambitions. Subsequent developments included a $450 million equity investment in September 2022 from KKR and the Hero Group, pushing HFE's valuation over $1 billion, and further expansions into energy storage, green hydrogen, and complex hybrid projects. By FY 2024-25, HFE reported a total portfolio of 6.5 GWp plus 2 GWh battery energy storage systems (BESS), with revenues from operations at ₹14,709 million and EBITDA at ₹12,225 million, reflecting substantial growth post-2019.
Jan 2017Undisclosed stageInternational Finance Corporation (lead)$125M-Hero Future Energies, the renewable energy arm of India's Hero Group, secured a $125 million equity investment from the International Finance Corporation (IFC) and IFC Global Infrastructure Fund in early January 2017. The funding aimed to support expansion of its wind and solar portfolio, enabling the setup of 1 GW of greenfield solar and wind plants over the next 12 months across 12 Indian states. At the time, the company had an operational capacity of approximately 300-360 MW in solar, wind, and rooftop installations. The investment helped Hero Future Energies pursue ambitious growth targets, including reaching 1,000 MW by June 2017, 1,500 MW within 16-18 months, and 2.7 GW of renewable energy capacity by 2020. Leaders like Chairman Rahul Munjal and CEO Sunil Jain highlighted its role in consolidating market position, expanding rooftop solar, and exploring storage and hybrid projects. Promoters retained a significant majority stake, with the deal advised by EY and Trilegal. This marked one of the first major fundraises in India's renewable sector that year, amid growing foreign investments. Prior to this, the company had raised $44 million via climate-certified green bonds for 521.5 MW wind projects. IFC's commitment underscored India's energy needs, with the country targeting 100 GW solar and 60 GW wind by 2022, requiring $250 billion in investments. Hero Future Energies positioned itself as a key player with strong project delivery and asset quality.

Who has invested in Hero Future Energies?

3 investors have backed Hero Future Energies across its funding rounds, including KKR, International Finance Corporation and Hero Group.

Lead investors include KKR and International Finance Corporation.


Hero Future Energies Investors

Investors in Hero Future Energies by funding rounds participated
InvestorHQRoundsRoleFirst check
KKRUnited StatesNew York City, NY1LeadSep 2022

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Hero Future Energies Competitors

Hero Future Energies competitors include listed companies like EnergyVision and Bonheur, and private ones like Sustech, Fred. Olsen Windcarrier, Arcadia and NatPower.

Public and private companies comparable to Hero Future Energies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EnergyVisionBelgiumBelgiumPublicly listed$199M$44M$1.2B4.8x
BonheurNorwayNorwayPublicly listed$1.3B$404M$1.2B1.2x
SustechJapanTokyoPrivate--$800M-
Fred. Olsen WindcarrierNorwayOsloPrivate--$708M-
ArcadiaUnited StatesDenver, COPrivate--$1.5B-
NatPowerLuxembourgLuxembourgPrivate--$575M-

Hero Future Energies Public Comps

Hero Future Energies is still privately-owned, but its public comps include Greencoat Renewables, Grupo TSK, Fugro, SP New Energy, Total Energy Services, XPLR Infrastructure, JANAF, ProFrac, Jiangsu Zongyi Co and Tetra Technologies.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Greencoat Renewables($45M)($8M)(51.9x)24.4x(278.9x)24.6x
Grupo TSK$1.2B$52M0.6x-12.8x-
Fugro$2.1B$164M0.8x0.8x9.8x5.3x
SP New Energy$25M($46M)103.1x-(55.4x)-
Total Energy Services$763M$140M1.2x1.0x6.7x5.7x
XPLR Infrastructure$1.2B$607M11.8x10.7x23.0x-
JANAF$137M$74M6.3x-11.6x-
ProFrac$1.9B$187M1.2x1.2x12.3x8.3x

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Common questions about Hero Future Energies

When was Hero Future Energies founded?Hero Future Energies was founded in 2012.
Where is Hero Future Energies headquartered?Hero Future Energies is headquartered in New Delhi, India.
Is Hero Future Energies publicly listed?No, Hero Future Energies is a private, VC-backed company.
What is Hero Future Energies' valuation?Hero Future Energies was last valued at $1B in its undisclosed-stage round in September 2022.
How much funding has Hero Future Energies raised?Hero Future Energies has raised $722M across 3 funding rounds.
What was Hero Future Energies' last funding round?Hero Future Energies' last funding round was a $447M undisclosed-stage round in September 2022, led by KKR.
Who are Hero Future Energies' investors?Hero Future Energies' investors include KKR, International Finance Corporation and Hero Group.
What is Hero Future Energies' revenue?Hero Future Energies' latest recorded revenue is $130M (November 2019).
What is Hero Future Energies' revenue multiple?Hero Future Energies' latest valuation implies a 5.8x revenue multiple ($750M valuation on $130M of revenue).
Which companies are comparable to Hero Future Energies?Companies comparable to Hero Future Energies include EnergyVision, Bonheur, Sustech, Fred. Olsen Windcarrier, Arcadia and NatPower.

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