Abu Dhabi Future Energy Company (Masdar) has acquired a stake in India’s Hero Future Energies (HFE), the renewable energy arm of Rahul Munjal’s Hero Group.

The Economic Times had reported at the beginning of October that Masdar will acquire a 20 percent stake in HFE for $150 million.

Masdar’s stake acquisition follows a $125 million investment in HFE by the International Finance Corporation (IFC), part of the World Bank, in 2017.

HFE, whose existing operations are mostly in India, expects as much as 25 percent of its growth to come from new markets in Europe and Asia.

The company’s current portfolio includes 1.3GW of wind and solar power and an additional 1.5GW that is under construction and planned. It has a 2022 growth target of 5GW of installed and operating capacity.

Rahul Munjal, HFE Chairman and Managing Director said: “Hero Future Energies and Masdar are ideal long-term strategic partners. We have clear alignment in our core ambitions. We are committed to advancing the development, commercialisation and deployment of cutting-edge renewable power solutions.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented: “As a global renewable energy leader active in more than 25 countries, and with HFE’s standing as one of India’s leading independent power producers specialising in onshore wind energy, PV power plants and rooftop solar, we see numerous opportunities to collaborate in growing our market presence and diversifying our portfolio in terms of clean technologies.”

(Reporting by Gerard Aoun, editing by Seban Scaria)

(gerard.aoun@refinitiv.comn) 

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