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Masdar invests $150m in India’s Hero Future Energies

Masdar will fund expansion of Indian firm’s renewable energy portfolio as HFE looks to growth markets

Masdar invests $150m in India’s Hero Future Energies. [representational image]
Masdar invests $150m in India’s Hero Future Energies. [representational image]

UAE-based global renewable energy company Abu Dhabi Future Energy Company (Masdar) has acquired a stake in India’s clean-tech power producer Hero Future Energies (HFE) to fund the expansion of the Indian firm’s renewable energy portfolio.

In conversation with Construction Week, HFE confirmed that Masdar’s strategic investment in the Indian firm was worth $150m (AED551m).

This is the second strategic investment that has funded HFE since a $125m (AED459.1m) investment by the World Bank’s International Finance Corporation (IFC) in 2017.

Masdar, which is the renewable energy arm of Abu Dhabi government’s sovereign wealth fund Mubadala Investment Company, has a history of private sector partnerships, having delivered renewable energy projects in more than 25 countries since 2006, representing a combined investment of approximately $13.5bn (AED49.5bn).

HFE, whose existing operations are mostly in India, hopes that as much as 25% of its growth will come from international markets, including Europe, the UK, and Asia, including Bangladesh, Singapore, Vietnam, Philippines, and Indonesia.

Commenting on the announcement, HFE chairman and managing director, Rahul Munjal, 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.”

Sharing his thoughts on the strategic investment, chief executive officer of Masdar, Mohamed Jameel Al Ramahi, said: At Masdar, through our strategic investment in Hero Future Energies, we are proud to associate our name with one of India’s most iconic brands and to support its further expansion, both in India’s burgeoning renewable energy sector and new geographies. 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. Our partnership with HFE heralds a new phase of growth for both our companies.”

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

Along with traditional renewable projects of solar and wind, HFE said that it will also look to deliver futuristic renewable energy projects utilising technologies such as battery storage and floating solar.

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Construction Week - Issue 759
Feb 22, 2020