Hero Group’s clean energy arm to invest $200 million in Rajasthan


Hero Group’s clean energy arm to invest $200 million in Rajasthan

Hero Future Energies Global (HFE), the clean energy arm of Hero Group, will invest around $200 million in a solar project in Rajasthan. The project will be supported by International Finance Corporation (IFC), which will invest around $43.3 million (Rs 300 crore). The project will be developed by Clean Solar Power (Jodhpur), a step-down subsidiary of HFE.

HFE is a leading renewable energy developer in India and currently has an installed capacity of more than 1.2 GW and is in the process of implementing around another 1 GW. The company proposes development, construction, operation and maintenance of a 250 MW solar farm located in Bhadla, Rajasthan. The solar farm will sell power to Solar Energy Corporation of India Limited (SECI) pursuant to a 25-year Power Purchase Agreement (PPA).

Total estimated project cost is approximately $200 million and IFC investment involves a debt financing of up to $43.3 million to the company and mobilization of senior loans on best efforts basis, said the World Bank’s investment arm. Read More

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