Hero Future Seeking IFC Backing For 250-MW Of Indian Solar Project

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The project will also benefit from additional parallel loans of up to USD 106.7 million, according to the disclosure.

Image for representational purpose only

India’s Hero Future Energies Global Ltd is seeking to build a 250-MW solar park in Rajasthan with an A loan of up to USD 43.3 million (EUR 38.8m) from the International Finance Corporation (IFC).

The photovoltaic (PV) scheme in Bhadla, Jodhpur district, is being developed by Hero Future Energies’ unit Clean Solar Power (Jodhpur) Pvt Ltd and its implementation is estimated to require an investment of USD 200 million. The IFC said in a disclosure on Wednesday that the loan application is pending approval.

The project will also benefit from additional parallel loans of up to USD 106.7 million, according to the disclosure.

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Going forward
Once operational, the proposed 250-MW solar park will sell its output under a 25-year power purchase agreement (PPA) with state-run Solar Energy Corporation of India (SECI). Commissioning is targeted for October 2020.

Back in 2016, IFC and its Global Infrastructure Fund (GIF) each invested USD 62.5 million in Hero Future Energies. The Indian firm, backed by domestic conglomerate Hero Group, currently has over 1.2 GW of installed wind and solar assets and is implementing projects of 1 GW in total.

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