REC's subsidiary hands over special purpose vehicle to Power Grid
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subsidiary of REC handed over a special purpose vehicle, formed for the construction of a transmission project, to Power Grid Corporation of India, according to an official statement on Wednesday.
REC Power Development and Consultancy (RECPDCL) handed over the project-specific special purpose vehicle -- ER NER Transmission Limited -- to Power Grid Corporation of India. REC is a Maharatna CPSE under the ministry of power.
The statement said the Power Grid Corporation of India had been the successful bidder of the inter-state transmission project of the ministry of power, and RECPDCL was the bid process Coordinator.
The selection of Power Grid Corporation, the official statement said, was carried out through tariff-based competitive bidding (TBCB) for the selection of transmission developers in line with the standard bidding documents and guidelines thereof as notified by the ministry of power.
The work involves the establishment of 2 X 500 megavolt amperes integrating current transformer air-insulated substation (MVA ICT) (AIS) at Banka along with associated works, the upgradation of Namsai, and related works, including around 77 km of 220 kV double circuit transmission lines. The project for implementation is targeted in 36 months.
With the handing over of the SPV, the statement said RECPDCL successfully handed over 41 transmission projects now costing Rs54,642 crore under the TBCB route.
✔️ REC's subsidiary hands over special purpose vehicle to Power Grid
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