New Delhi: REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of the ‘Maharatna’ REC Limited, and Bharat Heavy Electrical Limited (BHEL) have signed a memorandum of understanding (MoU) to collaboratively develop utility-scale renewable energy projects across India. Renewable energy projects of 10 MW or more are referred to as utility-scale projects.
The companies would set up a special purpose vehicle (SPV) to develop renewable energy projects for supply to discoms.
“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 company said in a statement.
At the signing ceremony in New Delhi, dignitaries including Vivek Kumar Dewangan, CMD, REC; Koppu Sadashiv Murthy, CMD, BHEL; and other key officials from both organizations underscored the potential impact of their collaboration.
“We are pleased to announce the signing of an MoU with BHEL for the formation of a joint venture focused on developing utility-scale renewable energy projects,” said REC CMD Vivek Kumar Dewangan. He highlighted the synergy between REC’s renewable sector experience and BHEL’s manufacturing and engineering excellence, envisioning the SPV as a pivotal player in achieving India’s clean energy targets.
Echoing this sentiment, BHEL’s CMD Koppu Sadashiv Murthy, highlighted the significant opportunities in the renewable energy segment and the combined strengths of both organizations in achieving the set goals.
RECPDCL has established itself as a key player in the power sector, offering consultancy and project implementation services across more than 50 state power distribution companies. With this new venture into renewable energy, RECPDCL aims to further diversify its business model and revenue streams.
REC Limited, a ‘Maharatna’ Central Public Sector Enterprise, has been pivotal in financing the development of India’s power infrastructure, including the burgeoning sectors of renewable energy, electric vehicles, and green hydrogen.
