Rahul Munjal-led Hero Future Energies Pvt. Ltd is looking at selling part of its stake in its clean energy business, and has asked HSBC to find a buyer, said two people aware of the development.
Abu Dhabi Future Energy Co, also known as Masdar, had acquired around 20% stake in Hero Future Energies for $150 million in November, valuing the Indian renewable firm at $750 million. Masdar is owned by the United Arab Emirate’s sovereign wealth fund, Mubadala Investment Co.
International Finance Corporation (IFC), part of the World Bank, had invested $125 million in the Rahul Munjal-led entity in 2017. Queries emailed to spokespersons of Hero Future Energies and Masdar on Sunday evening remained unanswered.
An IFC spokesperson, in an emailed response, said, “we would be unable to provide the required information in time.”A HSBC spokesperson declined to comment.
With an installed capacity of 1.3 gigawatt (GW) and another 1.5GW under construction, Hero Future Energies plans to build a 5 GW portfolio by 2022 and expand its operations in Africa and India, and be present across the solar energy value chain.