New Delhi: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has embarked on a transformative journey towards bolstering India’s renewable energy landscape. In a landmark development, RECPDCL has signed a Memorandum of Understanding (MoU) with Bharat Heavy Electrical Limited (BHEL) to collaboratively develop utility-scale renewable energy projects across the country.
The MoU signifies a strategic alliance aimed at advancing the nation’s clean energy objectives through the establishment of a dedicated Special Purpose Vehicle (SPV). Leveraging the core engineering expertise of BHEL and the infrastructure investment proficiency of REC Limited, the SPV will spearhead the development of renewable energy projects catering primarily to the commercial and industrial (C&I) segment.
The signing ceremony, held today in New Delhi, witnessed the presence of eminent dignitaries including Vivek Kumar Dewangan, Chairman and Managing Director (CMD) of REC Limited, and Koppu Sadashiv Murthy, CMD of BHEL. Also gracing the occasion were key executives from both organizations, including V K Singh, Director (Projects) at REC, Rajesh Kumar, CEO of RECPDCL, and Bani Varma, Director of IS&P at BHEL.
Commending the collaborative effort, CMD of REC, Vivek Kumar Dewangan, expressed optimism about the joint venture’s potential to drive significant impact in the renewable energy sector. “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,” stated Dewangan. “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, BHEL CMD Koppu Sadashiv Murthy emphasized the abundant opportunities available in the renewable energy segment. “There are ample opportunities available in the RE segment for leveraging joint strengths of both the organizations in order to achieve the ambitious targets set by the Government of India,” remarked Murthy.