Masdar sets to acquire Hero Future Energies 20% stakes
Abu Dhabi Future Energy Company PJSC, also known as Masdar, is set to acquire a 20% stake in Hero Future Energies(HFE), a unit of Hero Group for a total investment of US$150 million.
HFE currently controls a 1,200 MW renewable energy portfolio consists of installed wind and solar plants plus an additional 500 MW under construction and 300 MW in the pipeline.
The deal is expected to be closed before the end of 2019. Masdar advised by BNP Paribas while JP Morgan advised HFE in the deal.
Once closed, Masdar will own a 20% stake in HFE, IFC will own a 27% stake, while the remaining is held by other investors. International Finance Corporation (IFC) has invested US$125 million in HFE in 2017.
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