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REC Power incorporates SPVs for Talegaon and Khavda power transmission projects

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Bid process coordinator REC Power Development & Consultancy Ltd (RECPDCL) has established two wholly-owned subsidiaries to act as special purpose vehicles (SPVs) for developing interstate transmission system (ISTS) schemes under the tariff-based competitive bidding (TBCB) mechanism.

According to a stock exchange filing by REC Ltd, the parent company of RECPDCL, the SPVs were incorporated on November 18, 2024:

WRNES Talegaon Power Transmission Ltd: Focused on network expansion in Maharashtra for green energy supply to pumped storage projects in Talegaon, with an estimated cost of Rs 16.63 billion. The project includes developing a 765/400kV, 2×1,500 MVA GIS substation near Kalamb and is targeted for completion by January 1, 2027.

Khavda V-B1B2 Power Transmission Ltd: Dedicated to augmenting transformation capacity at Khavda Pooling Stations 1 and 2 (GIS) in Gujarat to support renewable energy developers in the region, with an estimated cost of Rs 4.66 billion. The project is expected to be completed within 24 months of SPV transfer.

Both projects are under bidding, with deadlines for bid submissions set for December 20, 2024, and December 3, 2024, respectively. As per TBCB norms, the SPVs will be transferred to the developers selected through the bidding process.

These SPVs are part of the eight subsidiaries approved by REC Ltd in September 2024, completing the planned incorporations.

Separately, PFC Consulting Ltd is working on additional ISTS-TBCB schemes, with project SPVs pending incorporation.

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