Source: Government of India (2)
Posted On: 15 MAR 2024 6:07PM by PIB Delhi
REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has signed an MoU with Bharat Heavy Electrical Limited (BHEL), for joint development of utility scale Renewable Energy Projects across the country. The MoU thus aims to contribute to the clean energy targets of the nation, through a dedicated Special Purpose Vehicle (SPV).
The SPV will be benefitted by the core engineering expertise of BHEL and infrastructure investment expertise of REC Limited. The SPV will focus on catering to the energy requirement of preferably the commercial and industrial (C&I) segment, with an initial capacity of 1 GW which would be scaled up further.
The MoU was signed in New Delhi today, 15th March, 2024, in the presence of CMD, REC, Shri Vivek Kumar Dewangan; CMD, BHEL, Shri Koppu Sadashiv Murthy; Director (Projects), REC, Shri V K Singh; CEO, RECPDCL, Shri Rajesh Kumar and Director, IS&P, BHEL, Ms. Bani Varma.
CMD, REC congratulated both the organizations for the collaboration and guided the way forward for building renewable energy assets including solar, wind, and green hydrogen. “We are pleased to announce the signing of an MoU with BHEL for the formation of a joint venture focused on developing utility-scale renewable energy projects. This collaboration brings together our extensive experience in the renewable energy sector with BHEL’s proven expertise in manufacturing and engineering. This SPV will play a crucial role in achieving India’s ambitious renewable energy targets and contributing to a cleaner and greener future.”
On this occasion, BHEL CMD said that there are ample opportunities available in the RE segment for leveraging joint strengths of both the organizations in order to achieve the ambitious targets set by the Government of India.
About RECPDCL
REC Power Development and Consultancy Limited, a wholly owned subsidiary of REC Limited, has been playing a key role in the power sector value chain by providing knowledge-based consultancy and expert project implementation services to more than 50 State power distribution companies and Power Departments of States for various distribution reform projects of over Rs. 1 lakh crores. RECPDCL has been acting as Bid Process Coordinator (BPC) for Tariff Based Competitive Bidding (TBCB) in Transmission Line Projects and RE-Bundling projects. Under PMDP and RDSS projects, RECPDCL has been executing critical infrastructure upgradation projects of smart metering, distribution and transmission sectors in Gujarat, J&K and Ladakh. Beyond its core capabilities, RECPDCL is now gearing to venture into the Renewable Energy Sector through diverse business models to generate a stream of stable revenue by investment of significant surplus cash assets.
About REC Limited
REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC finances the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen and Green Ammonia projects. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery.
REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last-mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). The loan book of REC stands at Rs 4.97 Lakh Crores and Net Worth at Rs. 64,787 crores as on 31stDecember, 2023.
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