Hero Future Energies to rope in JP Morgan for pre-IPO fundraise of $200 mn

livemint.com:

Mint in August last year, chairman and managing director (CMD) Rahul Munjal said that Hero Futures Energies will look at several options to raise funds over the next two-three years, including the launch of an IPO. He had added that the company will plan new fundraises, including private investments and accessing public markets. London-headquartered Hero Future Energies has a 3 gigawatt (GW) operational and under-construction portfolio across India, Ukraine and Vietnam, and an additional 2 GW pipeline.

India’s green energy deal space has been pretty active, with investors attracted by the country’s unfolding energy transformation playbook. A recent case in point is Malaysia’s state-run oil and gas company, Petronas unit Gentari Sdn Bhd emerging as the winning bidder for Fortum Oyj’s Indian solar projects totalling 185 megawatts (MW) in a deal having an enterprise value of around $200 million, as reported by Mint earlier. The other green energy deals in play include Macquarie Group’s sale of 400 megawatts (MW) solar power projects of its Stride platform that has also drawn interest from Gentari, Actis Llp; and Sekura Energy Ltd, backed by Edelweiss Infrastructure Yield Plus Fund.

Ayana Renewable Power has also mandated Standard Chartered to sell a majority stake of as much as 100%, targeting an equity valuation of around $2 billion. The shareholders are also seeking to raise $400 million more to finance growth. Also, Eversource Capital-backed Radiance Renewables Pvt.

Ltd. has mandated Rothschild & Co. for the sale of the commercial and industrial platform at an equity value of around $150 million.Italy’s Enel Group has hired HSBC for the sale of its portfolio in a deal having an equity value of around $300 million.