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Hero Future in talks to raise Rs1,000 crore from CDC Group, IFC

Hero Future Energies Ltd, the renewable energy arm of the Hero Group, is in talks with CDC Group Plc and International Finance Corp. (IFC) to raise $150 million (about

Rs.1,000 crore), according to two people close to the development. Hero Future is offering 25-30% in the company to CDC Group, a development finance institution owned by the UK government, and the private sector investment arm of the World Bank, the people said, seeking anonymity as the talks are confidential.

Hero Future, with operating assets of 260 megawatts across wind and solar energy, has already hired investment bank Jefferies Llc to advise it on the stake sale. Hero Future aims to use the funds to expand its capacity to 2GW by 2020. In the rooftop solar segment, the company has plans to implement 100–200MW in projects by 2018-19.

 

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