REC subsidiary hands over 5 IST Project SPVs to successful bidders

RECPDCL issues Letters of Award for setting up 100 MW wind power projects of Damodar Valley Corporation

REC subsidiary hands over 5 IST Project SPVs to successful bidders

New Delhi: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited - the NBFC Maharatna central public sector enterprise under the aegis of Ministry of Power - has handed over five project-specific Special Purpose Vehicles (SPVs), formed for Inter State Transmission Projects, through tariff-based competitive bidding process. 

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 emerged as the successful bidders for the ISTS Transmission Projects of Ministry of Power, Government of India. RECPDCL was the Bid Process Coordinator.

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The SPVs were handed over to the successful bidders in presence of CEO, RECPDCL, Shri Rajesh Kumar and senior officials of RECPDCL, REC Limited, PGCIL, Central Electricity Authority (CEA) & CTUIL, on 9th February, 2024. 

Chief Executive Officer, RECPDCL Shri Rajesh Kumar said: “In line with the visionary directions of Union Minister for Power and New & Renewable Energy Shri R. K. Singh and Power Secretary Shri Pankaj Agarwal, 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 (TBCB) for the development of transmission system for evacuation of renewable energy is one such noble mission and RECPDCL is privileged to be a Bid Process Coordinator for award of projects through the TBCB route.”

On the occasion, RECPDCL also handed over Letters of Award (LOAs) to successful bidders, namely, M/s Avaada Energy Private Limited and M/s Juniper Green Energy Private Limited, for setting up 100 MW wind power projects of Damodar Valley Corporation. These LOAs have been given under the “Scheme for flexibility in Generation and Scheduling of Thermal / Hydro Power Stations through bundling with Renewable Energy and Storage Power” of the Ministry of Power.

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 of operations. It provides financial assistance to the 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 sectors to cover areas such as airports, metro, railways, ports and bridges.

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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 and 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 Prime Minister's Development Package projects, RECPDCL has been executing critical infrastructure upgradation projects in distribution and transmission sectors in the UT of J&K and Ladakh. With its expert consulting, project implementation and transaction advisory services, RECPDCL is thus playing a key role across the power sector value chain of the country.

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