Abu Dhabi – Mubasher: India-based Hero Future Energies is reportedly considering an expansion into the South East Asia and African markets with help from UAE-based Abu Dhabi Future Energy Company (Masdar).
Alongside Malaysia's Petroliam Nasional Berhad (Petronas) and Singapore’s Sembcorp, state-owned Masdar will acquire a minority stake in the Indian independent power producer, according to The Economic Times newspaper.
US investment bank JP Morgan is advising Hero Future on the potential stake sale, it added.
It is worth noting that Hero Future Energies boasts business across nearly a dozen states in India in the solar PV segment including rooftop and wind power. Hero has installed capacity of around 1.2 gigawatts (GW) and plans to surpass 3.5 GW by 2022.
With around $8.5 billion in renewable energy projects across its home country the UAE as well as several Arab countries including Jordan, Mauritania, Egypt, and Morocco, added to Serbia, Spain, and the UK, Masdar is wholly owned by the Abu Dhabi government's investment firm known as Mubadala Investment Company.
