The Munjal family-promoted, Hero Future Energies has planned for selling its 900 MW (megawatt) of Power Purchase Agreements (PPAs).
The green energy producer has started talks with investors to sell its PPAs including the American investment firm, KKR & Co., private equity firm Actis, Temasek-backed O2 Power and the UK’s CDC-owned Ayana Renewable Power, said two people known of the matter. HSBC has advised Hero Future Energies on fund-raising options.
In 2018, Hero Future has signed to sell its one PPA for the energy generated from a 250 MW solar project in Jodhpur, which is expected to be commissioned by this month. The 25-year PPA signed by the company was quoted at a tariff of Rs 2.53 a unit. Hero Future has also installed a 1.3 GW (gigawatt) renewable energy capacity and another 1.5 GW renewable energy capacity is under construction including the domestic and overseas markets.
Hero Future Energies is backed by the UAE sovereign wealth fund, Mubadala Investment Company, which has acquired 20 per cent for $150 million in November. In 2017, a wing of the World Bank, International Finance Corporation had invested $125 million in Hero Future.