IFC invests $125 million in Hero Future Energies.

IFC, a member of the World Bank Group, has picked up equity stake in Hero Future Energies , the renewable energy arm of the Hero Group.

The investment will help the company expand its renewable energy capacity, provide jobs and facilitate private sector development in renewable energy, IFC said in a statement released recently.

IFC, together with IFC Global Infrastructure Fund - a private equity fund managed by IFC Asset Management Company, will invest $125 million in equity that will enable the company to set up 1 GW greenfield solar and wind plants in the next 12 months across India.

'Joining hands with IFC will help Hero Futures achieve new goal of 2.7 GW renewable energy capacity by 2020' said Rahul Munjal, chairman & managing director at Hero Future Energies. At present, Hero Future Energies has presence in 12 states in India with a capacity of over 360 megawatt through solar, wind, and rooftop installations.

ET