REC’s subsidiary RECPDCL hands over SPV to POWERGRID, for evacuation of renewable power from Rajasthan
REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has handed over the project-specific SPV (Special Purpose Vehicle) formed for the construction of ‘Ramgarh II Transmission Limited’ transmission project, to Power Grid Corporation of India (PGCIL) Limited.
The work of the SPV involves the implementation of a 765/400kV & 2×500 MVA 400/220 kV pooling station at Ramgarh along with 765kV D/c line (Ramgarh PS to Bhadla-3 PS) in the state of Rajasthan. The project is targeted to be completed in 18 months. After implementation, it would help in the evacuation of renewable energy from Renewable Energy Zones (REZs) in the state of Rajasthan, i.e., in the immediate transmission of renewable power to the grid, for further transmission or distribution to load centres. The project is another step towards the Government’s target of achieving 500 GW of installed electricity capacity from non-fossil fuel (Renewable Energy + Nuclear) sources by 2030.
The SPV has been handed over by CEO, RECPDCL, Shri Rajesh Kumar to Executive Director, PGCIL, Shri Pankaj Pandey on 26th October 2023. Executive Director, CTUIL, Shri Jasbir Singh; CGM, RECPDCL, Shri P.S. Hariharan and other senior officials of RECPDCL, CTUIL and PGCIL were also present on the occasion.
The selection of M/s Power Grid Corporation of India Limited as the Transmission Service Provider was carried out through Tariff Based Competitive Bidding (TBCB) carried out by RECPDCL, in line with the Standard Bidding Documents and Guidelines, as notified by the Ministry of Power, Government of India.
With the handing over of the above SPV, RECPDCL successfully handed over 54 transmission projects till now costing around Rs. 75,000 crores.
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited provides long-term loans and other finance products for the Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen. REC has also diversified into the core infrastructure sector comprising Roads, Metro, Airports, IT and Ports. The Loan Book of REC stands at Rs 4.54 Lakh Crore, at the end of the first quarter of the current financial year.
Power Grid Corporation of India Limited (POWERGRID), a Schedule ‘A’ ‘Maharatna’ Public Sector Enterprise under the Ministry of Power, was incorporated in October 1989. POWERGRID is India’s largest Electric Power Transmission Utility and a listed Company, with majority holding by the Government of India and the balance being held by Institutional Investors and the public.