Hero Future Energies Signs MoU with REC and PFC for Rs.3,100 Crore Investment
Hero Future Energies (HFE) announced the signing of two Memorandums of Understanding (MoUs) with REC and PFC for an investment of Rs 3,100 crore each over the next five years. According to the official press release, the MoUs were signed in Goa on the sidelines of the fourth G20 Energy Transition Working Group (ETWG) meetings.
The MoUs will result in a total of Rs 6,200 crore being used to develop renewable projects across India, including solar and wind for C&I customers, utility projects, and green hydrogen derivatives. This will also help the company by ensuring the financial completion of ongoing projects in the future, which will help the statement.
"We are very excited about our collaboration with REC and PFC." According to Srivatsan Iyer, Global CEO of Hero Future Energies, the company intends to expand fivefold over the next five years. "This significant financial backing will accelerate our business expansion across geographies."
The company's portfolio currently includes 1.8 GW of operational wind, grid-connected solar, and rooftop solar power generation assets in India and Europe, as well as 2 GW of shovel-ready projects in India, Vietnam, Bangladesh, and the United Kingdom.