REC Hands over 2 Transmission SPVs to PGCIL

India’s leading power sector lender REC Ltd has handed over two Special Purpose Vehicles (SPVs) of transmission projects to state-run Power Grid Corporation of India Ltd (PGCIL), after winning in competitive bidding.

Navratna NBFC REC Ltd, through its wholly owned subsidiary REC Power Distribution Company Ltd (RECPDCL), has transferred ‘Fatehgarh Bhadla Transco Ltd’ and ‘Sikar New Transmission Ltd’ to PGCIL.

“The selection of Power Grid Corporation of India Ltd was carried out through tariff based competitive bidding (TBCB) for selection of transmission developers in line with the standard bidding documents and guidelines,” said Ministry of Power in a statement.

REC Ltd has completed more than 50 years in the area of its operations since its establishment in 1969. It provides financial assistance to state electricity boards, state governments, central and 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 type of projects includes generation, transmission, distribution projects, and renewable energy projects.