REC Ltd announced that its wholly owned subsidiary, REC Power Development and Consultancy Ltd (RECPDCL), had handed over six special purpose vehicles to Power Grid Corporation of India Ltd. According to REC Ltd, the Special Purpose Vehicles (SPVs) are mostly used for the construction of transmission projects in Gujarat. “On March 21, 2023, RECPDCL handed over six project-specific SPVs, most of which were formed for the construction of transmission projects in the Khavda region through a tariff-based competitive bidding process. Power Grid Corporation of India Limited (PGCIL) was the successful bidder for all six Ministry of Power projects “it said. RECPDCL coordinated the bid process for tariff-based competitive bidding in transmission line projects.
“We are making every effort to ensure the expansion of new renewable energy reforms to meet the country’s electricity capacity. Tariff-based competitive bidding for the development of transmission systems for evacuation of RE power is one such noble mission and we celebrate the golden jubilee of completing the bidding of 50 projects through the TBCB route, “RECPDCL CEO Rahul Dwivedi stated.
The Power Ministry’s REC Ltd is an NBFC that focuses on financing power-related projects.