IFC to invest $125 million in Hero Future Energies

The International Finance Corporation (IFC) plans to make an equity investment of up to $125 million (Rs 8.4 billion) in renewable energy company Hero Future Energies Private Limited. The international agency will make the investment together with IFC Global Infrastructure Fund and the proceeds will be used to fund the construction of Hero Future Energies’ solar and wind power plants. EY was the investment banker on the transaction and advised Hero Future Energies to raise the funds from IFC.