REC Ltd and PFC Ltd, state-owned non-banking financial companies, have committed to infusing INR 3,100 crore ($378 million) each in Hero Future Energies (HFE) over the next five years. HFE will use the cumulative amount of INR 6,200 crore to develop renewable projects across India including solar and wind for commercial and industrial customers, utility projects, and green hydrogen derivatives. The funding ensures the financial closure for HFE’s future projects in the pipeline.
The Memorandums of Understanding (MoUs) for the debt funding were signed on the sidelines of the 4th G20 Energy Transition Working Group (ETWG) meetings at Goa.
Srivatsan Iyer, global CEO of Hero Future Energies, said, “The company aims to grow five times in the next 5 years and this significant financial backing will accelerate our business expansion across geographies. “
Hero Future Energies currently has a portfolio of 1.8 GW of wind, grid-connected solar, and rooftop solar power generating assets operating in India and Europe with another 2 GW of shovel-ready projects across India, Vietnam, Bangladesh, and the UK.
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