IFC taking equity in Hero's energy arm for $125 mn

IFC portfolio cos have set up a little over 3 Gw of different forms of RE projects in the country

International Finance Corporation (IFC), part of the World Bank Group, is taking an equity stake in Hero Future Energies, renewable energy (RE) arm of the Hero Group.

IFC, with IFC Global Infrastructure Fund, a private equity one and managed by IFC Asset Management Company, will invest $125 million (Rs 850 crore) in equity, enabling the company to set up 1 Gw (1,000 Mw) of solar and wind energy units in the next 12 months, across India. “Our endeavour to achieve a new goal of 2.7 Gw in RE capacity by 2020,” said Rahul Munjal, chairman, Hero Future Energies. 

The company has a