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Board of REC approves incorporation of SPVs for executing seven transmission projects

Board of REC approves incorporation of SPVs for executing seven transmission projects

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At meeting held on 25 March 2020

The Board of REC at its meeting held on 25 March 2020 has approved the proposal for incorporation of seven (7) Project Specific Special Purpose Vehicles (SPVs) as Wholly Owned Subsidiaries of REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC, for development of following transmission projects allocated by Ministry of Power, Government of India:

1. Transmission system for evacuation of power from RE projects in Osmanabad area (1 GW) in Maharashtra;

2. Transmission system for evacuation of power from RE projects in Rajgarh (2,500 MW) SEZ in Madhya Pradesh;

3. Transmission Scheme for Solar Energy Zone in Gadag (2,500 MW), Karnataka – Part A;

4. Transmission Scheme for Solar Energy Zone in Bidar (2,500 MW), Karnataka;

5. Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II -Part A;

6. Transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II -Part B; and

7. Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase-II- Part C.

The companies to be incorporated will also be wholly owned subsidiary Companies of REC as per provisions of Section 2(87) of the Companies Act, 2013.

Source: capital markets
Anand Gupta Editor - EQ Int'l Media Network

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