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REC Limited posts 17% revenue growth, Rs 74.88 billion net profit in Q2 FY25

India, News

REC Limited has reported strong financial results for Q2 FY25, with a 17% rise in revenue from operations, reaching Rs 135.71 billion, compared to Rs 115.90 billion in the same quarter last year. Total income increased by 18% to Rs 266.33 billion, while net interest income saw a notable 25% jump, reaching Rs 97.23 billion. Net profit rose by 11% to Rs 74.88 billion from Rs 67.34 billion in Q2 FY24. Total sanctions increased by…

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RECPDCL establishes subsidiaries for ISTS projects in Gujarat, Rajasthan, and J&K

India, News

REC Power Development & Consultancy Ltd (RECPDCL) has created three wholly-owned subsidiaries to develop interstate transmission system (ISTS) schemes across Gujarat, Rajasthan, and Jammu & Kashmir. On October 25, 2024, RECPDCL incorporated Banaskantha Transco Ltd as a special purpose vehicle (SPV) to implement the “Augmentation of transformation capacity at Banaskantha (Raghanesda) PS (GIS)” project in Gujarat. The bidder selection for this ISTS scheme will be carried out through the tariff-based competitive bidding (TBCB) mechanism. RECPDCL…

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RECPDCL incorporates SPV for ISTS project in Jammu & Kashmir

India, News

REC Power Development & Consultancy Ltd (RECPDCL) established a project special purpose vehicle (SPV) named “Ratle Kiru Power Transmission Ltd” on October 23, 2024, as a wholly-owned subsidiary. This SPV will develop the ISTS scheme titled “Transmission scheme for evacuation of power from Ratle HEP (850 MW) & Kiru HEP (624 MW): Part-A” in Jammu & Kashmir. The scheme, estimated to cost Rs 12.14 billion with a gestation period of 24 months, will provide ISTS…

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MNRE receives approval for revised solar power scheme under PM JANMAN and PM JUGA

India, News

The Ministry of New and Renewable Energy (MNRE) has received approval for a revised solar power scheme under PM JANMAN and Pradhan Mantri Janjatiya Unnat Gram Abhiyan (PM JUGA).  The scheme aims to electrify 100,000 un-electrified households in tribal and particularly vulnerable tribal groups (PVTG) areas using off-grid solar systems, with a total budget allocation of Rs 9.15 billion. It targets 18 Indian states, including Andhra Pradesh, Gujarat, and West Bengal, where grid electrification is…

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Sun Drops receives LoI for 9 MW solar projects under CPP segment

India, News

Sun Drops Energia Private Limited, a subsidiary of KPI Green Energy Limited, has received a letter of intent (LoI) to develop solar power projects with a total capacity of 9 MW under the company’s captive power producer (CPP) segment.  The projects are scheduled for completion in various tranches by May 2025.

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RECPDCL floats tender for power evacuation from hydro PSPs

India, News

REC Power Development and Consultancy (RECPDCL), a subsidiary of REC Limited, has issued a tender to select a transmission service provider for establishing an inter-state transmission system (ISTS) as part of a network expansion program in the western region.  The project will support pumped hydro storage projects (PSP) near Talegaon, Pune, Maharashtra, through a tariff-based competitive bidding process. The bid submission deadline is December 20, 2024. The project aims to evacuate 1.5 GW of power…

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Tata Power secures LoI from RECPDCL for power transmission project

India, News

Tata Power Limited has received a letter of intent (LoI) from REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of REC Limited, to acquire the special purpose vehicle (SPV) ERES-XXXIX Power Transmission Limited.  The project, to be developed on a build-own-operate-transfer (BOOT) basis, will offer transmission services for 35 years starting from the commercial operation date scheduled for December 31, 2027. The project includes the construction of a 2×1500 MVA, 765/400 kV gas-insulated switchgear…

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Azure Power secures REC and HSBC refinancing, completes early bond prepayment

India, News

Azure Power Global Ltd, a leading renewable power producer in India, has completed an Rs 24 billion refinancing transaction structured as an INR Term Loan underwritten solely by REC Ltd.  This transaction enabled the company to prepay its $350 million Green Bonds, originally issued in 2019, which were set to mature in December 2024. These bonds were backed by 10 solar projects commissioned between 2016 and 2019. Previously, Azure Power completed an Rs 13 billion…

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PFC Infra Finance IFSC receives approval to operate in GIFT City

India, News

PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has been approved by the International Financial Services Centres Authority (IFSCA) to commence business as a finance company in IFSC GIFT City, Gujarat.  PIFIL will be the first finance company in the IFSC dedicated to power and infrastructure lending, providing financing in foreign currency for both government and private entities in India and abroad. The company will focus on…

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Sterling and Wilson reports record Rs 1,050 billion order book

India, News

Sterling and Wilson Renewable Energy Ltd (SWREL) has reported its highest-ever outstanding order book, exceeding Rs 1,050 billion as of October 14, 2024.   In Q2 FY25 (July to September), SWREL recorded an order inflow of approximately Rs 205 billion, including an Rs 82.3 billion order received on October 14. All orders were from the domestic market.