Infrastructure Leasing and Financial Services (IL&FS) Mutual Fund has committed an investment of Rs 1.25 billion in Hero Solar Energy, a subsidiary of Hero Future Energies.
The investment will help the company refinance its existing debt. It will also support the expansion of the company’s renewable energy projects. Furthermore, Hero Solar Energy will issue secured debentures to IL&FS to enable the deployment of long-term capital. IL&FS has committed around Rs 15 billion to renewable energy investments across India, which has generated average annual returns of over 9.5 per cent.