RECPDCL Hands Over Five SPVs To Successful Bidders

Gurugram, 09^th February: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited the NBFC Maharatna Company, CPSU under the aegis of the Ministry of Power, handed over five project-specific SPVs (Special Purpose Vehicles), formed for the construction of Inter State Transmission Projects through tariff based bidding process on 09^th February 2024.

M/s Power Grid Corporation of India Limited (PGCIL), M/s Indigrid 2 Limited & Indigrid 1 Limited (Consortium) and M/s Apraava Energy Private Limited were the successful bidders for the ISTS Transmission Projects of the Ministry of Power, Government of India and RECPDCL was the Bid Process Coordinator.

The SPVs were handed over to M/s Power Grid Corporation of India Limited (PGCIL), M/s Indigrid 2 Limited & Indigrid 1 Limited (Consortium) and M/s Apraava Energy Private Limited in presence of Shri Rajesh Kumar, CEO, RECPDCL and senior officials of RECPDCL, REC Limited, PGCIL & CTUIL.

On this occasion, Shri Rajesh Kumar, Chief Executive Officer, RECPDCL, said, “In line with the visionary directions of Shri R. K. Singh – Hon’ble Cabinet Minister (Power, New & Renewable Energy), and Shri Pankaj Agarwal – Hon’ble Secretary (Power), RECPDCL is putting in all possible efforts to ensure the growth of renewable power reforms to cater to the electricity demand of the country. Tariff-based Competitive Bidding for the development of transmission system for evacuation of RE power is one such noble mission and RECPDCL is privileged to be a Bid Process Coordinator for the award of projects through TBCB route.”

Also, on the occasion, RECPDCL handed over Letters of Award (LOAs) to successful bidders viz. M/s Avaada Energy Private Limited and M/s Juniper Green Energy Private Limited for setting up 100 MW wind power projects of DVC under the “Scheme for flexibility in Generation and Scheduling of Thermal/ Hydro Power Stations through bundling with Renewable Energy and Storage Power” issued by Ministry of Power, Govt. of India.

Other officials from REC Limited, Central Electricity Authority (CEA), Central Transmission Utility of India (CTUIL)  & other stakeholders were also present at the event.

About REC Limited:

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Ltd. has completed over fifty years in the area of its operations. It provides financial assistance to complete power-sector value chain; for various types of projects including Generation, Transmission & Distribution, and Renewable Energy. Recently, REC has also diversified into non-power Infrastructure &; Logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc.

Also read: Karnataka Government Approves Investment Totaling Rs 6,407.82 Crore

About RECPDCL:

REC Power Development and Consultancy Limited, RECPDCL, a wholly owned subsidiary of REC Limited, has been providing knowledge based consultancy and expert project implementation services to more than 50 State power distribution companies/Power Departments of States.

RECPDCL has been acting as Bid Process Coordinator (BPC) for Tariff Based Competitive Bidding (TBCB) in Transmission Line Projects & RE-Bundling projects. Under PMDP projects RECPDCL has been executing critical infrastructure upgradation projects in distribution and transmission sectors in the UT of J&K and Ladakh. RECPDCL with its expert consulting, project implementation and transaction advisory services is thus playing a key role across the power sector value chain of the country.