From pv magazine India.
Hero Future Energies, one of the leading independent power producers in India, could be poised to expand into South East Asian and African markets with the expertise of the Abu Dhabi Future Energy Company (Masdar).
Masdar – in addition to Malaysia’s Petroliam Nasional Berhad (Petronas) and Singapore’s Sembcorp – is in race to acquire a minority stake in Hero Future Energies. American investment banking giant JP Morgan is advising New Delhi-based Hero in the stake sale, according to The Economic Times newspaper.
Led by chairman and managing director Rahul Munjal, and CEO Sunil Jain, Hero Future Energies is present in ten states in India, across the solar PV, rooftop and wind segments. It has installed capacity of around 1.2 GW and plans to achieve more than 3.5 GW by 2022.
Abu Dhabi renewable energy business Masdar is wholly owned by the emirate’s state-owned Mubadala Investment Company. Its renewable energy projects are located in the UAE, Jordan, Mauritania, Egypt, Morocco, Serbia, Spain and the U.K.
Established in 2006, Masdar develops utility-scale and off-grid renewable energy projects, and is an investor in around 3 GW worth of renewable energy projects, worth $8.5 billion.
Malaysia’s state-owned Petronas is also reportedly in talks to acquire a majority stake in Amplus Energy Solutions, a leading rooftop solar power producer backed by New York-based I Squared Capital, for around Rs27 billion ($380 million), according to Livemint.