REC Power Development and Consultancy and BHEL on Friday inked an initial pact to form a special purpose vehicle for developing utility-scale renewable energy projects.
Renewable energy projects of 10 MW or more are referred as utility-scale projects.
REC Power Development and Consultancy Ltd. is a wholly owned subsidiary of state-owned REC Ltd.
The SPV will be benefitted by the core engineering expertise of BHEL and infrastructure investment expertise of REC, a statement said.
It will focus on catering to the energy requirement of commercial and industrial segment with initial capacity of 1 GW which would be scaled further.
"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," REC Chairman and Managing Director Vivek Kumar Dewangan said.
BHEL Chairman and MD Koppu Sadashiv Murthy said there are ample opportunities in the RE segment for leveraging joint strengths of both the organizations in order to achieve the green targets set by the government.
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