FCC

Hero Future signs MoUs to develop future RE projects

2023-07-27

Hero Future Energies has signed two Memorandums of Understanding (MoUs) with REC and PFC for infusion of Rs 3,100 crore each in HFE over the next five years. The MoUs were signed on the sidelines of 4th G20 Energy Transition Working Group (ETWG) meetings at Goa. A sum of Rs 6200 crore, gained cumulatively with the MoUs, will be used for development of Renewable Projects across India including solar and wind for C&I customers, utility projects and green hydrogen derivatives and will strengthen the company by ensuring the financial closure for future projects in the pipeline.

Speaking on this occasion, Srivatsan Iyer, Global CEO, Hero Future Energies said, “We are enthusiastic about the collaboration with REC and PFC Limited. The company aims to grow 5x in the next five years and this significant financial backing will accelerate our business expansion across geographies. “

Hero Future Energies currently has a portfolio of 1.8 GW of wind, grid-connected solar and rooftop solar power generating assets operating in India and Europe and another 2 GW of shovel ready projects across India, Vietnam, Bangladesh, and UK.