The Abu Dhabi government-owned energy company Masdar Clean Energy is all set to acquire about 20 percent stake in Hero Future Energies, the renewable energy arm of the Hero Group, for USD 150 million.
Post the transaction, Masdar will own 20 percent stake, IFC will own 27 percent stake, while the rest will be held by promoters. The International Finance Corporation (IFC), the private sector investment arm of the World Bank, invested USD 125 million in Hero Future Energies in 2017.
Hero Future Energies has 1,200 MW capacity of installed solar and wind power while another 500 MW is being built and 300 MW more is in the pipeline.
The company has presence in 10 states of India with operating asset base across wind, solar PV (grid connected) and rooftop plants. In rooftop solar, the company has plans to implement 100 MW by 2018-19, while building a portfolio of 3.5 GW by 2022.
The total value of renewable energy projects in which Masdar Clean Energy is a partner is more than USD 8.5 billion, with Masdar Clean Energy’s investment stake worth USD 2.7 billion. Under wind, solar PV and concentrated solar power, the total generating capacity of these projects exceeds 2,700 MW.
