New Delhi: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has officially transferred the project-specific Special Purpose Vehicle (SPV) established for the ‘Ramgarh II Transmission Limited’ transmission project to Power Grid Corporation of India (PGCIL) Limited. The SPV’s mission involves the implementation of a 765/400kV & 2×500 MVA 400/220 kV pooling station at Ramgarh, accompanied by a 765kV D/c line (Ramgarh PS to Bhadla-3 PS) in the state of Rajasthan. This project is set to be completed within 18 months and will facilitate the efficient evacuation of renewable energy from Renewable Energy Zones (REZs) in Rajasthan. This aligns with the government’s goal of achieving 500 GW of non-fossil fuel (Renewable Energy + Nuclear) electricity capacity by 2030.
The handover of the SPV from CEO, RECPDCL, Rajesh Kumar, to Executive Director, PGCIL, Pankaj Pandey, took place on October 26, 2023, and was attended by senior officials from RECPDCL, CTUIL, and PGCIL. The selection of Power Grid Corporation of India Limited as the Transmission Service Provider was carried out through Tariff Based Competitive Bidding (TBCB) in line with the guidelines set by the Ministry of Power, Government of India.
With this handover, RECPDCL has now successfully transferred 54 transmission projects, amounting to around Rs. 75,000 crores.
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, focuses on Power Sector Financing and Development throughout India. Established in 1969, REC Limited provides long-term loans and financial products for the Power-Infrastructure sector, including Generation, Transmission, Distribution, Renewable Energy, and emerging technologies like Electric Vehicles, Battery Storage, and Green Hydrogen. REC has also expanded into the core infrastructure sector, encompassing Roads, Metro, Airports, IT, and Ports, with a Loan Book of Rs 4.54 Lakh Crore at the end of the first quarter of the current financial year.
Power Grid Corporation of India Limited (POWERGRID), a Schedule ‘A’ ‘Maharatna’ Public Sector Enterprise under the Ministry of Power, is India’s largest Electric Power Transmission Utility and a publicly listed company, with majority ownership by the Government of India and the rest held by Institutional Investors and the public.
Power Grid Corporation of India Limited (POWERGRID), a Schedule ‘A’ ‘Maharatna’ Public Sector Enterprise under the Ministry of Power, is India’s largest Electric Power Transmission Utility and a publicly listed company, with majority ownership by the Government of India and the rest held by Institutional Investors and the public.