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12-11-19
UAE's Masdar to fund India's HIFE expansion project
(MENAFN) Indian clean tech firm Hero Future Energies (HFE) has announced a strategic investment by Abu Dhabi Future Energy Company, better known as Masdar, to finance the expansion of its renewable energy portfolio.
A statement said that it represents a second strategic investment in HFE since 2017, following initial USD125 million made by International Finance Corporation (IFC), part of the World Bank.
HFE said the investment by Masdar will help ease its further expansion in India and other key growth markets. No value was disclosed for the Masdar investment.
HFE chairman and managing director, Rahul Munjal, said: "We are delighted that the renewable energy arm of Mubadala has decided to invest in the renewable energy arm of the Hero Group to support HFE"s global expansion plan and our aspiration to be a premier global clean-tech company providing solutions to the enormous challenges posed by climate change."
MENAFN1211201900450000ID1099260051
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