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Masdar, the renewable energy arm of UAE, picked up 20 per cent stake in Hero Future Energies, one of India’s larger renewable energy developers.
Masdar’s CEO, Mohammed Jameel Al Ramahi, said today that his company’s partnership with Hero Future is much deeper. The tie-up will be a platform for developing renewable energy projects within and outside India, Al Ramahi told journalists on the sidelines of the 10th Assembly of the International Renewable Energy Agency (IRENA), currently under way here. He said that Masdar and Hero are looking at opportunities in Bangladesh, Vietnam and Ukraine.
Funding for green projects
Meanwhile, Masdar is also close to signing a MoU with NTPC for developing renewable energy in India. Here again, Hero Future is assisting it.
At the IRENA assembly today, the financing arm of UAE — the Abu Dhabi Fund for Development — approved funding of $105 million to eight green energy projects in as many small countries.
The sovereign-guaranteed loans carry an interest rate of 1.2 per cent, the energy minister of Burkina Faso, Bachir Ouedraogo, told BusinessLine. Burkina Faso was one of the recipients of a ADFD loan.
The writer is in Abu Dhabi at the invitation of Masdar
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