Petronas, Masdar and Sembcorp reportedly in talks to acquire 30% in Hero Future Energies

pollution on solar panel

Petroliam Nasional Berhad (Petronas), Masdar Clean Energy and Sembcorp are in talks to acquire up to 30 per cent of Hero Future Energies reports ET citing  sources close to the matter.

According to the report JP Morgan is advising Hero Future on the stake sale process. Hero is looking to raise as much as $300 million, valuing the renewable energy firm at around $1 billion

International Finance Corporation (IFC) holds a minority stake in Hero Future with investment of $125 million made in 2017.

The publication citing sources further notes that Petronas and Masdar have submitted bids in the range of $300-325 million, which shows a sign of continued strategic interest in India’s power and alternate energy space.

Hero Future Energies is one of the top five renewable companies in the country. It currently has installed solar and wind power capacity of 1.2 Gigawatt while another 500 Megawatt is being built and 300 Mw more is in the pipeline. It has a presence in 10 states with an operating asset base across wind, solar photovoltaic (grid connected) and rooftop plants.