Hero Future may buy Fotowatios Indian solar project

Hero Future Energies Pvt. Ltd is in talks to acquire Fotowatio Renewable Ventures's 135 megawatt (MW) solar power project in India. Owned by Abdul Latif Jameel Energy and Environmental Services, Fotowatio Renewables is the largest Arabian green energy utility. Its only investment in the Indian solar power space is located in Andhra Pradesh. Greenstone Energy Advisors, an investment bank focused on the Indian renewable energy sector, is managing the sale. Fotowatio Renewables was awarded the project in a reverse auction conducted by state-run Solar Energy Corp. of India (SECI) at a tariff of Rs 4.43 per unit. India's renewable energy space has also seen consolidation in the backdrop of considerable overseas interest. The latest example is Malaysia's Petronas initiating talks with New York-based I Squared Capital to buy a majority stake in Amplus Energy Solutions Pvt. Ltd, one of India's largest rooftop solar power producers. India is ranked fifth globally in terms of installed renewable energy capacity, according to the government. India has a solar installed capacity of 24.33 gigawatts (GW), with another 22.8GW capacity under implementation, although there are concerns about the asset quality.