Hero Future Energies signs Rs 6,200-cr MoUs with PFC, REC to develop renewable energy projects

Hero Future Energies on Tuesday said it has signed two agreements with REC and PFC to develop green energy projects.

The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting, which concluded last week in Goa, Hero Future Energies said in a statement. "Hero Future Energies (HFE) has signed two memorandums of understanding (MoUs) with REC Ltd and PFC Ltd for infusion of Rs 3,100 crore each into HFE over the next five years,” it said.

The funds will be used to develop renewable projects across the country, including solar and wind for commercial and industrial customers, utility projects and green hydrogen derivatives, and will strengthen the company by ensuring the financial closure for future projects.