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.