Hero Future Energies (HFE) has announced the signing of two Memorandums of Understanding (MoUs) with REC and PFC, committing to infuse Rs 31 billion each into HFE over the next five years. The signing of these MoUs took place during the fourth G20 Energy Transition Working Group (ETWG) meetings in Goa.
The total amount of Rs 62 billion acquired through these MoUs will be utilized to develop renewable projects across India. These projects will include solar and wind initiatives for C&I customers, utility projects, and green hydrogen derivatives.
Srivatsan Iyer, the Global CEO of Hero Future Energies, remarked that the company has ambitious plans for a five-fold growth in the next five years. This significant financial backing will accelerate the company’s business expansion across various regions, he added.
Presently, the company’s portfolio includes 1.8 GW of operational wind, grid-connected solar, and rooftop solar power generation assets in India and Europe. Additionally, it has 2 GW of shovel-ready projects spread across India, Vietnam, Bangladesh, and the United Kingdom.
