US private equity giant KKR & Co Inc and India's Hero Group have agreed to invest $450 million in the motorcycle maker's renewable energy arm, the companies said, as the Indian firm looks to expand its renewable energy capacity.

Hero Future Energies (HFE), founded in 2012, is an independent power producer with a diversified portfolio of 1.6 GW of operating solar and wind projects.

"This investment will position HFE for continued growth and support its efforts to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets over time," the companies said in a joint statement.

The development comes as India aims to meet half of its energy demands from renewable sources, including solar and wind, by 2030.