The Board of Directors of REC Ltd in its meeting held on March 25, 2020 inter-alia approved the proposal for incorporation of seven project specific special purpose vehicles (SPVs).
These SPVs will be incorporated as wholly-owned subsidiaries of REC Transmission Projects Company Ltd (RECTPCL), in turn, a wholly-owned subsidiary of REC. These SPVs will be responsible for development of the following seven power transmission projects, allocated by the Union power ministry:
- Transmission system for evacuation of power from RE projects in Osmanabad area (1 GW) in Maharashtra;
- Transmission system for evacuation of power from RE projects in Rajgarh (2,500 mw) SEZ in Madhya Pradesh;
- Transmission Scheme for Solar Energy Zone in Gadag (2,500 mw), Karnataka – Part A;
- Transmission Scheme for Solar Energy Zone in Bidar (2,500 mw), Karnataka;
- Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II -Part A;
- Transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II -Part B; and
- Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II- Part C
In normal course, these SPVs will be transferred to power transmission developers that will be selected using the tariff-based competitive bidding (TBCB) route.
(Featured photograph is for illustration only)