Hero Future in talks to buy Fotowatio’s solar project in India


Hero Future in talks to buy Fotowatio’s solar project in India

Hero Future Energies Pvt. Ltd is in talks to acquire Fotowatio Renewable Ventures’s 135 megawatt (MW) solar power project in India, two people aware of the development said. Owned by Abdul Latif Jameel Energy and Environmental Services, Fotowatio Renewables is the largest Arabian green energy utility.

Its only investment in the Indian solar power space is located in Andhra Pradesh. Greenstone Energy Advisors, an investment bank focused on the Indian renewable energy sector, is managing the sale.

Hero Future is interested in the Fotowatio Renewables project, said one of the two people cited above, requesting anonymity. The second person, who also didn’t want to be named, confirmed the development.

Fotowatio Renewables was awarded the project in a reverse auction conducted by state-run Solar Energy Corp. of India (SECI) at a tariff of ₹4.43 per unit. Read More

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