REC transfers 6 SPVs to Power Grid Corporation for transmission projects

REC Ltd on Wednesday said its wholly-owned subsidiary REC Power Development and Consultancy Ltd (RECPDCL) has handed over six special purpose vehicles to Power Grid Corporation of India Ltd.

The Special Purpose Vehicles (SPVs) are mostly for construction of transmission projects in Gujarat, REC Ltd said in a statement on Wednesday.

"RECPDCL has handed over 6 projects' specific SPVs mostly formed for the construction of transmission projects in Khavda region through tariff-based-competitive bidding process on March 21, 2023. Power Grid Corporation of India Limited (PGCIL) was the successful bidder for all of the 6 projects of the Ministry of Power," it said.

RECPDCL was the bid process coordinator for tariff-based competitive bidding in transmission line projects.

"We are putting in all possible efforts to ensure the growth of new renewable power reforms to cater to the electricity capacity of the country. 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," Rahul Dwivedi, CEO of RECPDCL, said.

REC Ltd, under the Power ministry, is an NBFC focussing on financing projects in the power sector.