The International Finance Corporation (IFC), a World Bank
Group member, will invest $125 million (~Rs. 8.5 billion) in Hero Future
Energies, the renewable energy arm of Hero Group.
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
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.
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
According to Mercom
India Project Tracker, Hero Future Energies has a solar project pipeline of
505 MW under development at a 3.6% market share.