O2 Power to buy stake in Hero Future Energies’ Rajasthan SPV
NEW DELHI: O2 Power, promoted by European alternative asset manager EQT and Temasek, is acquiring a 49% stake in Rahul Munjal-led Hero Future Energies Pvt. Ltd’s special purpose vehicle (SPV)–Clean Solar Power Bhainsada–that is setting up a 250 megawatt (MW) solar capacity in Rajasthan, said two people aware of the development.
The SPV won this project by quoting a tariff of Rs2.53 per unit and has a 25-year power purchase agreement (PPA) with state-run Solar Energy Corporation of India (SECI). An announcement is expected to be made shortly about this sale, that will help O2 Power reach a 1.23-gigawatt (GW) portfolio.
This sale is part of the transaction for which Hero Future Energies has mandated HSBC to sell 500 MW of pre-construction assets. With an installed capacity of 1.7 GW and an additional 1.5GW under construction, Hero Future Energies plans to build a 3.5GW operating portfolio by 2022.
