Original disclosure @ IFC website
Updated in EWS Jun 19, 2019
Disclosed by Bank Apr 24, 2019
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According to the bank website, "Clean Solar Power (Jodhpur) Private Limited is a step-down subsidiary of Hero Future Energies Global Ltd. (“HFE”), an existing IFC client. In 2016, IFC and GIF each invested US$62.5 million in HFE. HFE is a leading renewable energy developer in India and currently has an installed capacity of more than 1.2 GW and is in the process of implementing approximately another 1 GW. The Company proposes development, construction, operation and maintenance of a 250 MW solar farm located in Bhadla, Rajasthan, India (the “Project”). The solar farm will sell power to Solar Energy Corporation of India Limited (“SECI”) pursuant to a 25-year Power Purchase Agreement (“PPA”)."
According to IFC, "The Hero Group, promoted by the Munjal family, is one of the most respected industrial conglomerates in India. The group’s main operations have historically been in automotive manufacturing and auto ancillaries, with Hero MotoCorp Ltd. as its flagship entity. The Munjal family through their investment vehicles owns a majority stake in the HFE Group. IFC and IFC GIF are other significant shareholders in HFE. HFE’s Chairman and Managing Director is Mr. Rahul Munjal, the eldest nephew of the Hero group chairman Mr. Pawan Munjal. Sunil Jain, the CEO of HFE, has 30 years of experience in the renewable energy sector. The top management is well supported by a mid-level management team comprising experienced professionals from the renewable energy industry."
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Clean Solar Power (Jodhpur) Private Limited||Client||-|
|-||-||-||-||Hero Future Energies Private Limited||Parent Company||-|
Clean Solar Power (Jodhpur) Private Limited
+91 11 49598000
201, First Floor, Okhla Industrial Estate, Phase – III, New Delhi -110020
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