HFE Bhadla (IFC-42694)

  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bhadla, Rajasthan,
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 24, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Hero Future Energies Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 43.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 19, 2019

Disclosed by Bank Apr 24, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

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”)."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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 -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Clean Solar Power (Jodhpur) Private Limited
Mayur Maheshwari
Company Secretary
+91 11 49598000

201, First Floor, Okhla Industrial Estate, Phase – III, New Delhi -110020


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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