India Digest: Hero Future in talks to sell PPAs; investors eye SoftBank’s SBG Cleantech stake

Hero Future Energies has initiated talks with global investors to sell 900 MW of its power purchase agreements (PPAs). Separately, investors including CPPIB, Brookfield, and Actis have submitted binding offers to buy SoftBank’s 80 per cent stake in green energy joint venture, The Economic Times reported.

Hero Future in talks to sell PPAs

Hero Future Energies has initiated talks with global investors including KKR, Actis, Temasek-backed O2 Power, and the UK’s CDC-owned Ayana Renewable Power to sell 900 MW of its power purchase agreements (PPAs).

One of the PPA’s on the block was signed in 2018 for energy generated from a 250 MW solar project in Jodhpur. The project was expected to be commissioned by this month, the report said.

HSBC is advising the Munjal family-promoted Hero Future Energies on the PPAs as well as other fund-raising options. Mubadala Investment Company, the UAE sovereign wealth fund, had invested $150 million for a 20 per cent stake in Hero Future last November while the International Finance Corporation had infused $125 million in the company in 2017.

SoftBank to sell SBG Cleantech stake

The Canada Pension Plan Investment Board (CPPIB), investment firm Brookfield Asset Management and private equity fund Actis have submitted binding offers to buy SoftBank’s 80 per cent stake in the green energy joint venture SBG Cleantech.

SBG Cleantech is a joint venture established by SoftBank and Bharti Enterprises. Both have collectively invested about $750 million in equity financing in the venture.

SoftBank is expected to shortlist one bidder this week. CPPIB’s up to $650 million (Rs 4,750 crore) offer, however, is expected to be the most aggressive, the report said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.