New Delhi: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, an NBFC Navratna central public sector undertaking (CPSU) under Ministry of Power, has handed over the project specific SPV (Special Purpose Vehicle) formed for construction of transmission project -- Transmission system for evacuation of power from RE projects in Osmanabad area in Maharashtra -- to the consortium of IndiGrid 1 Limited and IndiGrid 2 Limited.
The consortium of IndiGrid 1 Limited and IndiGrid 2 Limited has been the successful bidder of the inter-state Transmission Project of the Ministry of Power and RECPDCL as the bid process coordinator. The SPV was handed over by R Lakshmanan, CEO, RECPDCL and TSC Bosh, Joint CEO, RECPDCL to Bigyan Parija from IndiGrid 1 Limited and Aditya Kislay from IndiGrid 2 Limited in the presence of other senior officials of RECPDCL, IndiGrid 1 Limited and IndiGrid 2 Limited.
The selection of successful bidder was carried out through tariff based competitive bidding (TBCB) process for selection of transmission developers in line with the standard bidding documents and guidelines thereof as notified by Ministry of Power, Government of India. The work involves establishment of a 400/220 kV Sub-station at Kallam and a 400 kV double circuit Parli– Pune transmission line. The project is targeted for completion in 18 months.
REC Limited is a Navratna NBFC focusing on power sector financing and development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different types of projects include generation, transmission, distribution and renewable energy segments. REC’s funding illuminates every fourth bulb in India. /BI/
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