Hero Future Energies to buy wind energy assets of Bhilwara Group

The Hero Group is close to acquiring almost the entire wind energy portfolio of the LNJ Bhilwara Group, helping the buyer emerge as one of the biggest players in the wind energy sector.

BEL’s wind assets have been on the block since February, with the company preferring to concentrate on its large hydro-electric projects in Himachal Pradesh, Arunachal Pradesh and Nepal. While its Rajasthan wind project is a group captive one, the two in Maharashtra supply power to state discoms under longterm 25-year power purchase agreements (PPAs).

Hero Future Energies (HFE) will acquire the portfolio of Bhilwara Energy Ltd (BEL) in an all-cash deal. It is acquiring 83.5 MW of wind projects out of BEL’s total of 103.5 MW across two states – a 49.5 MW project in Satara, a 14 MW one in Bhendewade, both Maharashtra, and a 20 MW project in Jaisalmer, Rajasthan.

This will take the Hero Group’s total portfolio to around 1200 MW, half of it in wind and the rest in solar energy, making it one of the largest renewable energy companies in the country.