RECPDCL transfers SPV to POWERGRID for Rajasthan Renewable Power Evacuation
REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Limited, has formally handed over the Special Purpose Vehicle (SPV) designated for the ‘Ramgarh II Transmission Limited’ transmission project to the Power Grid Corporation of India Limited (POWERGRID).
The SPV’s core objective is the establishment of a 765/400kV & 2×500 MVA 400/220 kV pooling station in Ramgarh, Rajasthan, alongside a 765kV D/c transmission line from Ramgarh PS to Bhadla-3 PS. This ambitious project is set to be completed within 18 months and is poised to significantly enhance the efficient evacuation of renewable energy from Rajasthan’s Renewable Energy Zones (REZs). This entails facilitating the seamless transmission of green power into the grid and its onward distribution to various load centers, aligning with the government’s ambitious target of achieving 500 GW of non-fossil fuel-based electricity capacity, including Renewable Energy and Nuclear sources, by 2030.
On October 26, 2023, RECPDCL’s CEO, Shri Rajesh Kumar, officially handed over the SPV to Shri Pankaj Pandey, Executive Director of POWERGRID, in the presence of Shri Jasbir Singh, Executive Director of CTUIL, Shri P.S. Hariharan, CGM of RECPDCL, and other senior officials from RECPDCL, CTUIL, and POWERGRID.
The selection of M/s Power Grid Corporation of India Limited as the Transmission Service Provider was conducted through a Tariff-Based Competitive Bidding (TBCB) process, following the Standard Bidding Documents and Guidelines specified by the Ministry of Power, Government of India.
With this recent transfer, RECPDCL has successfully delivered 54 transmission projects, collectively valued at approximately Rs. 75,000 crores.
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, specializes in Power Sector Financing and Development across India. Established in 1969, REC Limited provides long-term loans and financial solutions for the Power-Infrastructure sector, encompassing Generation, Transmission, Distribution, Renewable Energy, and emerging technologies such as Electric Vehicles, Battery Storage, and Green Hydrogen. REC has also expanded into the core infrastructure sector, encompassing Roads, Metro, Airports, IT, and Ports. As of the first quarter of the current fiscal year, REC’s Loan Book stands at Rs. 4.54 Lakh Crore.
Power Grid Corporation of India Limited (POWERGRID), a Schedule ‘A’ ‘Maharatna’ Public Sector Enterprise under the Ministry of Power, was incorporated in October 1989. POWERGRID stands as India’s largest Electric Power Transmission Utility and a publicly listed company, with the majority of shares held by the Government of India and the rest by Institutional Investors and the public.
