RECPDCL and BHEL Signed MoU to Form SPV for Utility Scale RE Projects

New Delhi, 19 March 2024: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of Maharatna CPSE REC Limited, has signed a MoU with Bharat Heavy Electrical Limited (BHEL), a Maharatna CPSE, on 15th March, 2024 at New Delhi.

The MoU targets for joint development of utility scale Renewable Energy Projects across the country thereby contributing to the clean energy targets of the nation through a dedicated Special Purpose Vehicle (SPV).

The SPV will be benefitted by the core engineering expertise of BHEL and infrastructure investment expertise of REC Limited. The SPV will focus to cater energy requirement of preferably the commercial and industrial (C&I) segment with initial capacity of 1 GW which would further be scaled up.

The MoU was signed in the presence of Shri Vivek Kumar Dewangan, CMD, REC; Shri Koppu Sadashiv Murthy, CMD, BHEL; Shri V K Singh, Director (Projects), REC; Shri Rajesh Kumar, CEO, RECPDCL and Ms. Bani Varma, Director, IS&P, BHEL.

REC CMD congratulated both the organizations for the collaboration and guided the way forward for building renewable energy assets including solar, wind, and green hydrogen. He said, “We are pleased to announce the signing of a MoU with BHEL for the formation of a joint venture focused on developing utility-scale renewable energy projects. This collaboration brings together our extensive experience in the renewable energy sector with BHEL’s proven expertise in manufacturing and engineering.  This SPV will play a crucial role in achieving India’s ambitious renewable energy targets and contribute to a cleaner and greener future.”

On this occasion, BHEL CMD said that there are ample opportunities available in the RE segment for leveraging joint strengths of both the organizations in order to achieve the ambitious targets set by GoI.

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