Hero Future Energies in talks with Masdar Clean Energy for Minority Stake Sale

Abu Dhabi’s Masdar Clean Energy has announced that it is eyeing to procure minority stake in Hero Future Energies. It has ventured into private talks to obtain a 30-35% stake in Hero Future Energies. The renewable energy arm of the Munjal family’s Hero Group has been looking for a deliberate investor to back the company’s growth into global markets. It aims raising $300-350 million from the stake trade at an estimation of over a billion dollars, two people conscious of the development believed. JP Morgan is advising the company in the stake sale procedure.

As per report, Asian energy producers including Petroliam Nasional Berhad (Petronas) of Malaysia, Masdar and Singapore’s Sembcorp are in separate deliberations to purchase a minority stake in Hero Future Energies.

Hero Future has 1,200 MW of installed solar and wind power, with 500 MW being built and 300 MW in the pipeline. The company has an existence in 10 Indian states across wind, grid-connected solar and rooftop solar projects and plans to build a portfolio of 3.5 GW by 2022.

Hero Future is considering expanding into markets in South East Asia and Africa and plans to rope in a global player with the knowledge, supposed one person.

Masdar, wholly owned by Mubadala Investment Company, the strategic investment company of the government of Abu Dhabi, is also on an acquirement spree, targeting new markets. Masdar’s renewable energy projects are located in Dubai in UAE, Jordan, Mauritania, Egypt, Morocco, the UK, Serbia and Spain. Masdar has invested about $2.7 billion in projects globally over the past 10 years, delivering more than 1.3 GW of solar power and 1.4 GW of wind energy yearly.