By Sam Bridge
Hero Future Energies announces strategic investment by Abu Dhabi Future Energy Company to fund the expansion of its renewable energy portfolio
Indian clean tech firm Hero Future Energies (HFE) has announced a strategic investment by Abu Dhabi Future Energy Company, better known as Masdar, to fund the expansion of its renewable energy portfolio.
It represents a second strategic investment in HFE since 2017, following initial $125 million made by International Finance Corporation (IFC), part of the World Bank, a statement said.
HFE said the investment by Masdar will help facilitate its further expansion in India and other key growth markets. No value was disclosed for the Masdar investment.
Masdar, the renewable energy arm of Mubadala Investment Company, has a history of successful private sector partnerships, having delivered renewable energy projects in more than 25 countries since 2006, representing a combined investment of around $13.5 billion.
HFE, whose existing operations are mostly in India, hopes that as much as 25 percent of its growth will come from new international markets, including Europe and the UK, and Asia, including Bangladesh, Singapore, Vietnam, Philippines and Indonesia.
HFE chairman and managing director, Rahul Munjal, said: “We are delighted that the renewable energy arm of Mubadala has decided to invest in the renewable energy arm of the Hero Group to support HFE’s global expansion plan and our aspiration to be a premier global clean-tech company providing solutions to the enormous challenges posed by climate change."
Mohamed Jameel Al Ramahi, CEO of Masdar, added: “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.”
Commenting on the announcement, Shalabh Tandon, Head of Operations – South Asia, IFC, said:
HFE is part of the Munjal family’s Hero Group, which includes Hero MotoCorp, the dominant leader in the domestic motorbike industry in India.
HFE's portfolio includes 1.3GW of wind and solar power and an additional 1.5GW under construction or planned. The company has a 2022 growth target of 5GW of installed and operating capacity.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.