Hero Group's renewable energy arm Hero Future Energies on Thursday said it has inked a tolling agreement with PIXON Green Energy for supply of solar modules.
Under the agreement, PIXON Green Energy will provide Hero Future Energies with high-efficiency modules for up to 500 MW annually on a prioritised basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat, a company statement said.
Both parties will also be involved in the procurement of strategic components for module manufacturing.
According to the statement, Hero Future Energies has announced the signing of a strategic tolling agreement with PIXON Green Energy, a leading domestic module manufacturer, for the supply of solar PV modules.
"Global supply chains have been subject to disruption recently. Entering into a strategic partnership will allow us to control our costs better and have more visibility in our supply chain," Hero Future Energies Global CEO Srivatsan Iyer said in the statement.
This will help avoid any shocks that could impact our projects negatively, both in terms of costs and scheduling, Iyer said.
Sumit Mehta, Co-founder and director, PIXON Green Energy, said, "We are confident that our partnership with Hero Future Energies will foster increased transparency and trust within business relationships." By engaging in co-procurement of strategic components, PIXON aims to enhance the reliability of our operations while simultaneously providing Hero Future Energies with a clearer view of the procurement process, Mehta added.
Established in 2012, Hero Future Energies has a global portfolio of 3 GW of renewable energy assets, across India, Ukraine, and Vietnam comprising both operational and under-construction projects.
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