RECPDCL, BHEL sign MoU to create SPV for large-scale RE projects

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RECPDCL, BHEL sign MoU to create SPV for large-scale RE projects

RECPDCL, BHEL sign MoU to create SPV for large-scale RE projects

Industry News
Mar 18,24

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

RECPDCL, BHEL sign MoU to create SPV for large-scale RE projects

Gurugram: 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 Vivek Kumar Dewangan, CMD, REC; Koppu Sadashiv Murthy, CMD, BHEL; V K Singh, Director (Projects), REC; Rajesh Kumar, CEO, RECPDCL and Bani Varma, Director, IS&P, BHEL.

REC CMD congratulated both the organisations 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 organisations in order to achieve the ambitious targets set by GoI.

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.

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.