Hero Group Partners With World Bank Group’s IFC To Invest $200 Million In A Solar Power Project In Rajasthan
Supported by World Bank Group’s International Finance Corporation (IFC), Hero Group will invest around $200 million to set up a solar energy project in Rajasthan, reports Business Standard (BS).
While IFC will invest $43.3 million (Rs 300 crore) in the project, the rest will be funded by Clean Solar Power (Jodhpur), a step-down subsidiary of HEF. Hero Future Energies Global (HFE) is the clean energy arm of industrial conglomerate Hero Group.
The project will involve the construction, operation and maintenance of a 250 MW solar farm in Bhadla, Rajasthan. The project proponents have signed a power purchase agreement (PPA) with Solar Energy Corporation of India Limited (SECI) for 25 years.
Partnering For A Cleaner Future
HFE is one of the largest renewable energy developers in the country with presence in nearly ten states of India. It has an installed capacity of ~1.2 GW with a balanced mix of Wind and Solar projects.
On the other hand, IFC was set up in 1956 as a private-sector arm of the World Bank Group, to advance economic development in developing countries. It invests in for-profit and commercial projects to reduce poverty and promote development.
Recently the central and state governments together issued tenders for 30,059 MW of renewable energy projects, of which 24,749 MW will come from solar power projects.