REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of Maharatna CPSE REC Limited, has signed a MoU with Bharat Heavy Electrical Limited (BHEL), a Maharatna CPSE, on 15th March, 2024 at New Delhi.
The MoU targets for joint development of utility scale Renewable Energy Projects across the country thereby contributing 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 to cater energy requirement of preferably the commercial and industrial (C&I) segment with initial capacity of 1 GW which would further be scaled up.
The MoU was signed in the presence of Shri Vivek Kumar Dewangan, CMD, REC; Shri Koppu Sadashiv Murthy, CMD, BHEL; Shri V K Singh, Director (Projects), REC; Shri Rajesh Kumar, CEO, RECPDCL and Ms. Bani Varma, Director, IS&P, BHEL.
REC CMD congratulated both the organizations for the collaboration and guided the way forward for building renewable energy assets including solar, wind, and green hydrogen. He said, “We are pleased to announce the signing of a 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 contribute 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 GoI.
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/Power Departments of States for various distribution reform projects of over INR 1 lakh crore. RECPDCL has been acting as Bid Process Coordinator (BPC) for Tariff Based Competitive Bidding (TBCB) in Transmission Line Projects & 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' CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, Green Ammonia projects etc. 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, Refinery, etc. 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). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores as on 31st Dec, 2023.
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