Hero Future Energies Private Limited (HFE) announced signing a memorandum of understanding (MoU) with REC Limited and PFC Limited to develop green energy projects. HFE will receive Rs 31 billion from PFC Limited and REC Limited each for the purpose of funding and developing renewable projects across the country. The company plans to use the funding for utility projects, green hydrogen derivatives including solar and wind for industrial and commercial customers.
The investment is expected to improve the business by ensuring the financial closure for upcoming projects.
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 and another 2 GW of shovel ready projects across India, Vietnam, Bangladesh, and UK.
In July 2022, HFE was selected as a successful bidder in the Kerala State Electricity Board’s tender for construction of 10 MW/20 MWh grid-connected energy storage plant in the state. According to the tender, KSEB will be accountable for leasing land in its substation for the project’s setup. HFE will be given 15 months from the date of signing agreement to commission the project.
In May 2023, REC Limited undertook an exclusive listing of its recently issued green bonds of $750 million raised under its Global Medium-Term Programme of $ 7 billion at GIFT IFSC Stock Exchanges in a primary listing ceremony held at GIFT IFSC, Gandhinagar. This was the largest ever tranche conducted by an Indian NBFC and a first green bond issuance by an Indian company post India’s G20 Presidency.
