In a major stride towards the advancement of renewable energy initiatives, Hero Future Energies (HFE) has inked two crucial Memorandums of Understanding (MoUs) with REC Limited and PFC Limited. The agreements, each amounting to INR 3100 crores, were sealed during the 4th G20 Energy Transition Working Group (ETWG) meetings held in Goa. The cumulative infusion of INR 6200 crores through these MoUs will serve as a catalyst for the development of future renewable energy projects in India. The allocated funds will play a pivotal role in bolstering various renewable ventures across India, including solar and wind projects for commercial and industrial customers, utility projects, and green hydrogen derivatives. The financial backing will facilitate the smooth execution of projects in HFE’s pipeline, ensuring a strengthened position in the renewable energy sector.
During the signing ceremony, Mr. Srivatsan Iyer, the Global CEO of Hero Future Energies, expressed his enthusiasm for the collaboration with REC and PFC Limited, commenting, “We are enthusiastic about the collaboration with REC and PFC Limited. The company aims to grow 5x in the next 5 years and this significant financial backing will accelerate our business expansion across geographies.”
Currently, Hero Future Energies boasts a commendable portfolio of 1.8 GW of wind, grid-connected solar, and rooftop solar power-generating assets operational in both India and Europe. Additionally, the company has 2 GW of shovel-ready projects in the pipeline, spanning India, Vietnam, Bangladesh, and the UK.