Hero Future Energies (HFE) on Monday announced that the company has got a USD 150-million strategic investment from Abu Dhabi Future Energy Company (Masdar), for expansion of its portfolio.
This is the second strategic funding in HFE since 2017, following the initial USD 125 million investment made by the International Finance Corporation (IFC), part of the World Bank.
HFE, a clean-tech company, said the USD 150-million investment will fund expansion of its renewable energy portfolio, including in selected international geographies, the company said in a statement.
The investment was done by Abu Dhabi Future Energy Company (Masdar), a global leader in renewable energy projects, sustainable real estate and sustainable mobility.
Hero Future Energies said the investment will help facilitate the further expansion of HFE in India and other key growth markets.
Masdar, the renewable energy arm of Mubadala Investment Company, has delivered renewable energy projects in more than 25 countries since 2006, representing a combined investment of around USD 13.5 billion.
Hero Future Energies hopes that as much as 25 per cent of its growth will come from new international markets, including the UK and Bangladesh, Singapore, Vietnam, Philippines and Indonesia.
HFE Chairman and Managing Director Rahul Munjal, said in the statement, “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.”
Commenting on the announcement, Masdar Chief Executive Officer 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.”
The current portfolio of HEF includes 1.3 gigawatt (GW) of wind and solar power and an additional 1.5 GW under construction or planned. The company has a 2022 growth target of 5 GW of installed and operating capacity.