Hero Future Energies (HFE), an independent power-producer with a presence across multiple states in India, Bangladesh, Vietnam, Singapore, Ukraine and the United Kingdom, has signed two renewable-energy agreements with REC and PFC.
The companies will each inject INR 3,100 crores ($413.5 million) in HFE throughout the next five years. In addition, a total of INR 6,200 crores ($827 million), gained cumulatively with the agreements, will be used for development of renewable projects across India. The projects encompass solar and wind for C&I customers, utility projects, and green hydrogen derivatives.
“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 HFE.
Hero Future Energies currently has a portfolio of 1.8 gigawatts of wind, grid-connected solar and rooftop solar power-generating assets operating in India and Eur