The International Finance Corporation (IFC), a World Bank Group member, will invest $125 million (~₹8.5 billion) in Hero Future Energies, the renewable energy arm of Hero Group.
“IFC, together with IFC Global Infrastructure Fund, a private equity fund managed by IFC Asset Management Company, will invest in equity, enabling the company to set up 1 GW of solar and wind projects in the next 12 months across India, stated the IFC.
“I am happy to join hands with IFC, in our endeavor to achieve a new goal of 2.7 GW renewable energy capacity by 2020,” said Rahul Munjal, Chairman & Managing Director, Hero Future Energies. “We will also aggressively focus on expanding our promising rooftop solar portfolio after the recent cash infusion,” said Sunil Jain, Chief Executive Officer, Hero Future Energies.
“We look forward to supporting Hero Future Energies as it further consolidates its market position as a leading Indian wind and solar energy platform over the next few years,” said Darius Lilaoonwala, Co-Head, IFC Global Infrastructure Fund.
Foreign investments in India’s renewable energy sector have been growing. Last month, Mercom reported the launch of the US-India Clean Energy Finance (USICEF) Facility.
According to Mercom’s India Solar Project Tracker, Hero Future Energies has a solar project pipeline of 505 MW under development at a 3.6% market share.
Image Credit: LinkedIn