Hero Future Energies wants to make India’s first contribution to grid scale solar in its northeastern neighbor. Plans for a 100 MW plant have been stymied by the power evacuation equipment available at the Khulna site.
State-owned Masdar Clean Energy is in talks to acquire a 30-35% stake in Hero Future Energies. With the stake sale, the renewable energy arm of Hero Group expects to raise $300-350 million for its expansion into global markets, according to reports.
IFC is picking up an equity stake in Hero Group’s renewable energy division, which it says will enable it to build 1 GW of solar and wind plants in India.