REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of the Maharatna CPSEREC Limited, and Bharat Heavy Electrical Limited (BHEL), another Maharatna CPSE, inked a Memorandum of Understanding (MoU) on March 15, 2024, in New Delhi.
The primary objective of the MoU is to collaboratively develop utility-scale Renewable Energy (RE) Projects across the nation. This initiative aims to significantly contribute to India’s clean energy targets through the establishment of a dedicated Special Purpose Vehicle (SPV).
The SPV will leverage BHEL’s core engineering expertise and REC Limited‘s infrastructure investment proficiency. The SPV will focus on catering to the energy requirements of the commercial and industrial (C&I) segment with an initial capacity of 1 GW, which would be scaled up.
The signing ceremony was graced by prominent figures, including Shri Vivek Kumar Dewangan, CMD of REC; Shri Koppu Sadashiv Murthy, CMD of BHEL; Shri V K Singh, Director (Projects) of REC; Shri Rajesh Kumar, CEO of RECPDCL, and Ms. Bani Varma, Director of IS&P at BHEL.
Expressing enthusiasm for the collaboration, REC CMD emphasized the pivotal role of the joint venture in advancing renewable energy infrastructure, encompassing solar, wind, and green hydrogen. He highlighted, “This collaboration combines our extensive experience in the renewable energy sector with BHEL’s proven expertise in manufacturing and engineering, ensuring a cleaner and greener future for India.”
Echoing similar sentiments, BHEL CMD emphasized the ample opportunities within the RE segment, underlining the synergy between the organizations to meet the ambitious targets the Government of India set.
