Hero Future Energies signs MoUs worth Rs 6,200 cr to set up renewable energy projects

Hero Future Energies to set up green projects with Rs 6.2K cr MoUs

Hero Future Energies (HFE), a company in New Delhi, announced on Tuesday that it has signed two Memorandums of Understanding (MoUs) with REC and PFC for the investment of Rs 3,100 crore into HFE over the following five years.

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.

According to the statement, 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 enthusiastic about the collaboration with REC and PFC. The company aims to grow five times in the next five years and this significant financial backing will accelerate our business expansion across geographies,” said Srivatsan Iyer, Global CEO, of Hero Future Energies.

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.

Hero Future Energies is a company that produces and distributes renewable energy from solar and wind sources. It was founded in 2012 by the Hero Group, a leading Indian conglomerate. It has a portfolio of 1.8 GW of operating assets in India and Europe, and another 2 GW of projects in the pipeline in India, Vietnam, Bangladesh, and the UK. 

It aims to grow five times in the next five years and invest in energy storage and green hydrogen. It is headquartered in New Delhi and has offices in Mumbai, Bengaluru, Chennai, London, Singapore, and Dhaka. It is led by Mr. Srivatsan Iyer, the Global CEO

Content Credit: ET Auto