REC facilitates transfer of 5 SPVs for inter-state transmission projects 

PGCIL, Indigrid 2 Limited and Indigrid 1 Limited, and Apraava Energy emerged as the successful bidders.

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 the Ministry of Power, has transferred five project-specific special purpose vehicles (SPVs) formed for inter state transmission projects through a 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 the Ministry of Power, Government of India. RECPDCL served as the Bid Process Coordinator. The SPVs were handed over to the successful bidders in the presence of CEO Rajesh Kumar and senior officials of RECPDCL, REC Limited, PGCIL, the Central Electricity Authority (CEA), and CTUIL on 9th February 2024. 

Chief Executive Officer, RECPDCL Rajesh Kumar said, “In line with the visionary directions of Union Minister for Power and New & Renewable Energy R. K. Singh and Power Secretary 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 systems 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.