AUGUST 20238TOP STORYTOP STORYHERO FUTURE ENERGIES SIGNS MOUS WORTH RS 6,200 CR TO SET UP RENEWABLE ENERGY PROJECTSLARSEN & TOUBRO SECURES ORDERS UP TO RS 2,500 CRORE IN INDIA, ABROADHero Future Energies (HFE) announced the signing of two Memorandums of Understanding (MoUs) for the infusion of Rs 3,100 crore each into HFE over the following five years with REC and PFC. The MoUs were signed in Goa on the sidelines of the fourth G20 Energy Transition Working Group (ETWG) meetings, according to the official press release.A total of Rs 6,200 crore obtained through the MoUs will be used to develop renewable projects across India, including solar and wind for C&I customers, utility projects, and green hydrogen derivatives. This will also strengthen the company by ensuring the financial closure of ongoing projects in the future, which will strengthen the statement."We are excited about our partnership with REC and PFC. According to Srivatsan Iyer, Global CEO of Hero Future Energies, the company plans to grow five times in the following five years. "This significant financial backing will accelerate our business expansion across geographies."Currently, the company's portfolio includes 1.8 GW of running wind, grid-connected solar, and rooftop solar power generation assets in India and Europe, as well as 2 GW of shovel-ready projects spread out over India, Vietnam, Bangladesh, and the United Kingdom. Larsen and Toubro (L&T), it has received orders for electricity transmission and distribution projects both domestically and internationally that range from Rs 1,000 crore to Rs 2,500 crore. The infrastructure giant's regulatory filing, new orders have been acquired in India and other international markets. According to the company, its branch "L&T Construction wins significant orders for its power transmission and distribution business".On the domestic front, the company has been given a contract to set up SCADA/DMS and associated IT infrastructure for central Gujarat's metropolitan area power distribution systems. Another order is for Jharkhand to construct a 400kV double circuit transmission line. The business has been given a request to build a High Voltage Direct Current (HVDC) transmission segment in the Middle East. This connection is a piece of a high-voltage direct current (HVDC) line with a significant capacity that connects Neom Industrial City with Yanbu City in western Saudi Arabia.The business has won a consortium contract to build a 275kV substation in Malaysia's Sarawak region. Although the company withheld the order value, it is estimated to be between Rs 1,000 crore and Rs 2,500 crore based on the project classification used by the company. L&T, a USD 23 billion enterprise with operations in more than 50 nations, specialises in engineering, procurement, and construction (EPC) projects as well as high-tech manufacturing and services.
< Page 7 | Page 9 >