RECPDCL and BHEL Forge Joint Venture to Develop Renewable Energy Projects in India
Through the formation of a dedicated Special Purpose Vehicle (SPV), the joint venture will leverage BHEL's core engineering expertise and REC Limited's infrastructure investment capabilities.
March 16, 2024. By Abha Rustagi
This collaboration aims to facilitate the joint development of utility-scale Renewable Energy Projects across India, in alignment with the nation's clean energy targets.
The MoU represents a strategic partnership between RECPDCL and BHEL, pooling together their respective strengths to contribute to India's renewable energy landscape. Through the formation of a dedicated Special Purpose Vehicle (SPV), the joint venture will leverage BHEL's core engineering expertise and REC Limited's infrastructure investment capabilities.
With a primary focus on catering to the energy requirements of the commercial and industrial (C&I) segment, the SPV aims to initiate operations with an initial capacity of 1 GW, with plans for further expansion in the future.
The signing ceremony, held in New Delhi, witnessed the presence of key stakeholders from both organizations. Among those present were Vivek Kumar Dewangan, CMD of REC; Koppu Sadashiv Murthy, CMD of BHEL; V.K. Singh, Director (Projects) at REC; Rajesh Kumar, CEO of RECPDCL; and Bani Varma, Director of IS&P at BHEL.
In his remarks, the CMD of REC, Vivek Kumar Dewangan, expressed his appreciation for the collaboration and outlined the vision for the joint venture. He stated, “We are pleased to announce the signing of an MoU with BHEL for the formation of a joint venture focused on developing utility-scale renewable energy projects. This collaboration brings together our extensive experience in the renewable energy sector with BHEL's proven expertise in manufacturing and engineering. This SPV will play a crucial role in achieving India's ambitious renewable energy targets and contributing to a cleaner and greener future.”
Echoing similar sentiments, the CMD of BHEL highlighted the vast opportunities available in the renewable energy segment. He emphasized the importance of leveraging the joint strengths of both organizations to meet the ambitious targets set by the Government of India.
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