Hero Future Energies signs MoUs worth INR 6,200 Cr for renewable projects

Rutuja Kedare Jul 26, 2023 0

New Delhi: On Tuesday, 25 July, Hero Future Energies (HFE) announced that it has signed two Memorandums of Understanding (MoUs) with Rural Electrification Corporation Ltd. (REC) and Power Finance Corporation (PFC). These MoUs will result in an infusion of INR 3,100 Crore each into HFE over the next five years. 

The cumulative sum of INR 6,200 Crores gained through these agreements will be utilized for the development of renewable projects across India, including solar and wind projects for C&I customers, utility projects, and green hydrogen derivatives. Moreover, this financial boost will fortify the company by ensuring the smooth financial closure of future projects in their pipeline. 

Presently, HFE boasts a portfolio of 1.8 GW of wind, grid-connected solar, and rooftop solar power-generating assets operational in India and Europe. Additionally, they have another 2 GW of shovel-ready projects spanning across India, Vietnam, Bangladesh, and the UK.

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