IFC picks up $125-million equity stake in Hero Group's renewable energy arm

Hero Future Energies is the renewable energy arm of the Hero Group

IFC, together with IFC Global Infrastructure Fund, a private equity fund managed by IFC Asset Management Company, will invest $125 million in equity, enabling the company to set up 1 GW of greenfield solar and wind plants in the next 12 months across India. 

"Our endeavour is to achieve the new goal of 2.7 GW renewable energy capacity by 2020,” said Rahul Munjal, Chairman & Managing Director, Hero Future Energies. Currently, Hero Future Energies has a presence in 12 states in India with a capacity of over 360 megawatt having solar, wind, and rooftop installations.
 

Sunil Jain, Chief Executive Officer, Hero