REC arm hand over project specific SPV to PowerGrid

by Psu Connect
Date: 25-08-22

Power Grid emerged as the successful bidder of the Inter-State Transmission Project of the Ministry of Power, Government of India, and RECPDCL as the Bid Process Coordinator.

REC arm hand over project specific SPV to PowerGrid

The SPV has been handed over by Shri R. Lakshmanan, CEO, RECPDCL & Shri T.S.C. Bosh, ED & Jt. CEO, RECPDCL to Sh. A K Singhal, Executive Director, PowerGrid

New Delhi: REC's wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL) handed over the project specific SPV (Special Purpose Vehicle) formed for construction of Transmission Project viz., ‘Neemuch Transmission Limited’ to M/s Power Grid Corporation of India Limited.

With the handing over of the above SPV, RECPDCL has thus far successfully handed over cumulatively 40 transmission projects costing around Rs 54,300 crores.

The SPV has been handed over by Shri R. Lakshmanan, CEO, RECPDCL & Shri T.S.C. Bosh, ED & Jt. CEO, RECPDCL to Sh. A K Singhal, Executive Director from M/s Power Grid Corporation of India Limited in the presence of other senior officials of RECPDCL, PGCIL & CTUIL.

Power Grid Corporation of India Limited emerged as the successful bidder of the Inter-State Transmission Project of the Ministry of Power, Government of India, and RECPDCL as the Bid Process Coordinator.

The selection of M/s Power Grid Corporation of India Limited was carried out through Tariff Based Competitive Bidding (TBCB) for the selection of Transmission Developers in line with the Standard Bidding Documents and Guidelines thereof as notified by the Ministry of Power, Government of India. The work involves the establishment of 2X500 MVA, 400/220 kV Pooling Station (AIS) at Neemuch and around 277 Kms of 400 kV double circuit transmission lines. The project is targeted for implementation in 18 months.