REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has inked a Memorandum of Understanding (MoU) with Bharat Heavy Electricals Limited (BHEL), solidifying a partnership for the joint development of utility-scale Renewable Energy Projects across India. The collaborative effort outlined in the MoU is poised to significantly contribute to the nation’s clean energy objectives, facilitated through the establishment of a dedicated Special Purpose Vehicle (SPV).
The SPV will leverage the core engineering prowess of BHEL in conjunction with the infrastructure investment expertise of REC Limited. Primarily targeting the commercial and industrial (C&I) segment, the SPV will commence operations with an initial capacity of 1 GW, with plans for further scaling up.
The MoU signing ceremony took place today, March 15, 2024, in New Delhi, in the esteemed 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.
Statements
CMD, REC, expressed his congratulations to both organizations for the collaborative venture and emphasized the pivotal role of renewable energy assets, including solar, wind, and green hydrogen, in the transition to a sustainable future. He remarked, “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.”
BHEL CMD highlighted the abundant opportunities in the renewable energy segment and emphasized the importance of leveraging the combined strengths of both organizations to meet 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 actively involved in the power sector value chain, providing consultancy and project implementation services to numerous state power distribution companies and power departments across the country. With a focus on distribution reform projects, transmission line projects, and infrastructure upgradation initiatives, RECPDCL is now expanding its footprint into the Renewable Energy Sector, aiming to generate a stream of stable revenue through diverse business models.
About REC Limited
REC Limited, a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, is a key player in financing the entire power-infrastructure sector in India, including generation, transmission, distribution, and renewable energy. REC’s loan portfolio spans various maturities and sectors, with a strategic role in flagship government schemes aimed at strengthening the power sector and enhancing last-mile distribution systems. As of December 31, 2023, REC’s loan book stands at Rs. 4.97 Lakh Crores, with a net worth of Rs. 64,787 crores.
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