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Masdar in talks to buy up to 35% in India's Hero Future Energies - report

Author: EBRD / All rights reserved.

January 30 (Renewables Now) - Abu Dhabi Future Energy Company PJSC, better known as Masdar, is among the companies willing to buy into Indian renewable power producer Hero Future Energies, the Economic Times reports, citing sources in the know.

According to the insiders, Masdar is currently in exclusive talks to acquire a 30%-35% stake in the Indian company, which has a 1,200-MW portfolio of installed wind and solar plants, plus an additional 500 MW under construction and 300 MW in the pipeline. The company’s goal is to lift that capacity to 3.5 GW by 2022 and expand internationally by selling a stake for between USD 300 million and USD 350 million, the unnamed sources told the newspaper. One of them has said Southeast Asia and Africa are among the targeted markets.

According to an earlier report from October 2018, Malaysia’s Petroleum Nasional Berhad (Petronas) and Singapore’s Sembcorp Industries (SGX:U96) are also vying for a stake in Hero Future Energies. The World Bank’s International Finance Corp in 2017 invested USD 125 million in a minority stake in the power producer.

Hero Future Energies has hired JP Morgan as its advisor in the sale.

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Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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