Hero 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.
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