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REC’s Subsidiary and BHEL Sign MoU to Develop RE Projects in India

REC Power Development and Consultancy Ltd. (RECPDCL), a wholly owned subsidiary of REC Ltd., has signed a Memorandum of Understanding (MoU) with Bharat Heavy Electricals Ltd. (BHEL) for development of Renewable Energy (RE) projects in India. This collaboration was announced in a press release by REC dated March 15, 2024.

As per the MoU, RECPDCL and BHEL will establish a Special Purpose Vehicle (SPV) to execute utility-scale RE projects in India. This SPV will leverage BHEL’s engineering expertise and REC’s experience in infrastructure investment to develop RE projects across the country. Initial focus will be on meeting energy needs of Commercial and Industrial (C&I) sector with a target capacity of 1 GW that can be scaled up in the future.

Commenting on this partnership, Mr. Vivek Kumar Dewangan, Chief Managing Director of REC, said “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 contribute to a cleaner and greener future”.