This is the second strategic investment in Hero Future Energies since 2017 following an initial $125 million made by International Finance Corporation, part of the World Bank
November 12, 2019. By News Bureau
Hero Future Energies (HFE) has announced Abu Dhabi Future Energy Company or Masdar will capitalize $150 million strategic investment in the company that will help fund the expansion of its renewable energy portfolio, comprising in selected international geographies.
This is the second strategic investment in Hero Future Energies since 2017 following an initial $125 million made by International Finance Corporation, part of the World Bank.
HFE hopes that around 25 per cent of its growth will come from new international markets, including Europe and the UK, and Asia, including Bangladesh, Singapore, Vietnam, Philippines and Indonesia. “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, commercialization and deployment of cutting-edge renewable power solutions,” HFE Chairman and Managing Director Rahul Munjal said.
Masdar, the renewable energy arm of Mubadala Investment Company, has a history of private sector partnerships and has delivered renewable energy projects in 25 countries since 2006 representing a combined investment of around $13.5 billion.
“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,” Masdar CEO Mohamed Jameel Al Ramahi said.
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