RECPDCL Hands Over 2 SPVs to Adani Energy and Sterlite Grid 38 Limited

by Psu Connect
Date: 30-08-24
Ministry of Power

The projects are intended for evacuation of power from potential renewable energy zone in Khavda area of Gujarat under Phase-IV (7 GW).

RECPDCL Hands Over 2 SPVs to Adani Energy and Sterlite Grid 38 Limited

Gurugram: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, the Maharatna CPSU under the aegis of Ministry of Power & a leading NBFC, handed over 2 project specific SPVs (Special Purpose Vehicles). viz, Khavda IV A Power Transmission Limited to Adani Energy Solutions Limited and Khavda IV C Power Transmission Limited to M/s Sterlite Grid 38 Limited today at Gurugram. The projects are intended for evacuation of power from potential renewable energy zone in Khavda area of Gujarat under Phase-IV (7 GW).

Adani Energy Solutions Limited (AESL) and M/s Sterlite Grid 38 Limited (a subsidiary of Sterlite Power Transmission Limited) emerged as the Transmission Service Providers (TSP) for Khavda Ph IV Part A and Part C projects respectively through Tariff-based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of the above transmission projects on Build, Own, Operate & Transfer (BOOT) basis.

The project Khavda IV A Power Transmission Limited covers construction of 310.31 kms of 765 KV line, creation of 765 KV & 400 KV bus sections at KPS3 GIS substation and associated works. The project Khavda IV C Power Transmission Limited covers establishment of 765/400 KV, 4 X 1500 MVA and 400/220 KV, 2 X 500 MVA Boisar-II (GIS) substation, construction of 257.29 Km of 765 KV line and 20.725 km of 400 KV line.

The SPVs were handed over by Shri T.S.C. Bosh, CEO, RECPDCL to Shri Sanjay Johari, Vice President, Adani Energy Solutions Limited and Shri Tatimakula Amarendranath Reddy, Executive Vice President, Sterlite Power Transmission Limited, in the presence of Senior Officials of RECPDCL, AESL, SPTL and Central Transmission Utility of India Limited. The projects are targeted for implementation in 24 months.

About RECPDCL: REC Power Development and Consultancy Limited, RECPDCL, a wholly owned subsidiary of REC Limited, has been providing knowledge-based consultancy and expert project implementation services to several State power distribution companies/Power Departments of States. RECPDCL has also been implementing transmission projects in UTs of J&K and Ladakh. RECPDCL has also been acting as Bid Process Coordinator (BPC) for Inter-state as well as Intrastate transmission projects and RE-Bundling projects implemented through Tariff Based Competitive Bidding (TBCB). RECPDCL with its expert consulting, project implementation and transaction advisory services is thus playing a key role across the power sector value chain of the country.

About REC LIMITED: REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at ? 5.30 lakh crore and Net Worth at Rs. ? 72,351 crore as on 30th June, 2024.