The board of REC Ltd, in a recent meeting, has approved the creation of four subsidiaries that will act as special-purpose vehicles for developing interstate transmission schemes.
In a stock exchange filing, REC Ltd said that these four entities will be wholly-owned subsidiaries of REC Power Development & Consultancy Ltd (RECPDCL), in turn, a wholly-owned subsidiary of REC Ltd.
These four project SPVs will be used to develop interstate transmission system (ISTS) schemes, the bidders of which will be selected using the tariff-based bidding mechanism (TBCB). The details of the four ISTS schemes were not disclosed.
As per the standard practice, once the tariff-based bidding and the e-reverse auction is completed, the project SPVs will be transferred to the successful bidders. Consequently, these project SPVs will then cease to be subsidiaries of REC/RECPDCL.
Bidding underway
Meanwhile, it is independently learned that RECPDCL is currently conducting the bidding process for at least eight interstate/intrastate schemes, for which it is the bid process coordinator.
The schemes, which are currently at various stages of bidding, are officially termed as:
- Transmission system for evacuation of power from Luhri Stage-1 hydro-electric project [Project SPV: Luhri Power Transmission Ltd]
- Transmission scheme for solar energy zone in Bidar (2,500 MW), Karnataka [Project SPV: Bidar Transmission Ltd]
- Construction of 400/220kV, 2×500 MVA GIS Substation Metro Depot (Greater Noida) and 400/220kV, 2×500 MVA GIS Substation Jalpura, with associated lines [This is an intrastate project in Uttar Pradesh; Project SPV: Jalpura Khurja Power Transmission Ltd]
- North Eastern Region Expansion Scheme-XVI [Project SPV: NERES XVI Power Transmission Ltd]
- Construction of Meerut (765kV) – Shamli 400kV (Double Circuit) Line [This is an intrastate project in Uttar Pradesh; Project SPV: Meerut Shamli Power Transmission Ltd]
- Transmission System for Evacuation of Power from REZ in Rajasthan (20GW) under Phase-III Part F [Project SPV: Beawar Transmission Ltd]
- Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part C1 [Project SPV: Ramgarh II Transmission Ltd]
- Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part D [Project SPV: Sikar Khetri Transmission Ltd]
Featured photograph (source: Sterlite Power) is for representation only
