Hero Future Likely To Buy Fotowatio’s Solar Project In India

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Half-a-dozen investors are also interested in acquiring the ₹5,000 crore renewable energy business of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS).

Hero Future Energies Pvt. Ltd is in talks to acquire Fotowatio Renewable Ventures’s 135 megawatt (MW) solar power project in India, two people aware of the development told Mint.

Owned by Abdul Latif Jameel Energy and Environmental Services, Fotowatio Renewables is the largest Arabian green energy utility. Its only investment in the Indian solar power space is located in Andhra Pradesh. Greenstone Energy Advisors, an investment bank focused on the Indian renewable energy sector, is managing the sale.

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Fotowatio Renewables was awarded the project in a reverse auction conducted by state-run Solar Energy Corp. of India (SECI) at a tariff of ₹4.43 per unit. Sources mentioned above confirmed about the development to Mint.

Also, half-a-dozen investors, including ReNew Power Ventures Pvt. Ltd and MIRA, are interested in acquiring the ₹5,000 crore renewable energy business of debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS). 

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