REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of REC Limited, has transferred the project-specific Special Purpose Vehicle (SPV) established for the ‘Ramgarh II Transmission Limited’ transmission project to the Power Grid Corporation of India (PGCIL) Limited. The project entails the construction of a 765/400kV & 2×500 MVA 400/220 kV pooling station at Ramgarh in Rajasthan, along with a 765kV double-circuit line from Ramgarh PS to Bhadla-3 PS. The project is expected to be completed in 18 months and will aid in the evacuation of renewable energy from Renewable Energy Zones (REZs) in Rajasthan, facilitating the transmission of renewable power to the grid for further distribution to load centers.
This project aligns with the Indian government’s goal of achieving 500 GW of installed electricity capacity from non-fossil fuel sources, including renewable energy and nuclear, by 2030. The SPV was handed over by the CEO of RECPDCL, Shri Rajesh Kumar, to the Executive Director of PGCIL, Shri Pankaj Pandey, on October 26, 2023. Other officials from RECPDCL, CTUIL, and PGCIL were also present at the event.
The selection of Power Grid Corporation of India Limited as the Transmission Service Provider was carried out through Tariff Based Competitive Bidding (TBCB) in accordance with the Ministry of Power’s guidelines. With this handover, RECPDCL has successfully transferred 54 transmission projects, with a total cost of around Rs. 75,000 crores.
REC Limited is a Maharatna Central Public Sector Enterprise under the Ministry of Power, focusing on power sector financing and development across India. REC provides long-term loans and finance products for the power infrastructure sector, including generation, transmission, distribution, renewable energy, and emerging technologies like electric vehicles, battery storage, and green hydrogen. Additionally, REC has diversified into core infrastructure sectors like roads, metro, airports, IT, and ports. The Loan Book of REC stands at Rs 4.54 Lakh Crore at the end of the first quarter of the current financial year.
Power Grid Corporation of India Limited (POWERGRID) is India’s largest electric power transmission utility and a Schedule ‘A’ ‘Maharatna’ Public Sector Enterprise under the Ministry of Power. Established in 1989, POWERGRID is a listed company with the majority of its shares held by the Government of India, and the remaining shares owned by institutional investors and the public.
