Making its entry into renewable energy space in India, Abu Dhabi government-owned energy company Masdar Clean Energy is all set to acquire about 20% stake in Hero Future Energies, for $150 million.
Post the transaction, Masdar will own 20% stake, IFC will own 27% stake while the rest will be held by promoters. International Finance Corp (IFC), the private sector investment arm of World Bank, invested $125 million in Hero Future in 2017.
Launched in 2012, Hero Future Energies is led by Rahul Munjal. It is present in in 10 states of India with operating asset base across wind, solar PV (grid connected) and rooftop plants, has 1,200 MW capacity of installed solar and wind power while another 500 MW is being built and 300 MW more is in pipeline.
Masdar is advised by BNP Paribas while JP Morgan advised Hero Future in the stake sale process. The deal will be signed by this week.
This is a Syndicate News-feed