AIIB approves $65 million loan to Hero Future Energies’

The Asian Infrastructure Investment Bank, a multilateral development bank, has approved a $65 million loan for a 250 MW solar power project in Jodhpur. Hero Futures Energies Private Limited (HFE), an independent power producer, will develop the project through its special purpose vehicle Clean Solar Power (Jodhpur) Private Limited, which is expected to generate 616 MWh by 2022.

The Hero Group entered the Indian renewable energy market with HFE in 2013. Its total installed capacity stands at 1,200 MW, with another 800 MW in the pipeline. In November 2019, Masdar, also known as the Abu Dhabi Future Energy Company, acquired around 20 per cent in HFE for $150 million, valuing the Indian renewable energy firm at $750 million. The funds will help HFE execute its plans to build a 5 GW portfolio by 2022 and expand its operations in Africa and India, as well as be present across the solar energy value chain. HFE also plans to put up a large grid-connected solar plant of up to 100 MW capacity in Southeast Asia. The current portfolio includes 1.3 GW of wind and solar power and an additional 1.5 GW in the pipeline. Alongside traditional renewable projects of solar and wind, HFE will look to deliver futuristic renewable energy projects utilising new technologies including battery storage and floating solar.