REC Power Development and Consultancy Limited (RECPDCL), a fully-owned subsidiary of REC Limited under the Ministry of Power, has officially transferred the Special Purpose Vehicle (SPV) for the Khavda V-A HVDC Transmission Project to Power Grid Corporation of India Limited (PGCIL).
The formal handover ceremony took place in Gurugram, marking a key moment in the development of India’s power transmission infrastructure.
PGCIL was selected as the Transmission Service Provider (TSP) for the project through a competitive bidding process conducted by RECPDCL under the Tariff-Based Competitive Bidding (TBCB) framework. The project will be developed on a Build, Own, Operate, and Transfer (BOOT) model.
This project is a landmark development, being India’s first HVDC transmission project awarded through the TBCB process.
The project features the construction of two advanced HVDC terminal stations with a combined capacity of 6000 MW, located at KPS2 and Nagpur. It also includes the creation of a +800 kV HVDC Bipole line, extending over 1200 km from KPS2 to Nagpur, enabling efficient and reliable power transmission across the grid.
In addition, six 1500 MVA, 765/400 kV Interconnecting Transformers (ICTs) will be installed at the Nagpur substation to enhance the grid’s capacity to manage the increased power load.
The SPV transfer was led by TSC Bosh, CEO of RECPDCL, and Pankaj Pandey, Executive Director of PGCIL, in the presence of senior officials from RECPDCL, PGCIL, and the Central Transmission Utility of India Limited. The project is scheduled for completion in 54 months.
REC Limited, a Maharatna CPSU under the Ministry of Power, is a leading non-banking financial company focused on infrastructure financing. Its diverse portfolio supports projects in power generation, transmission, renewable energy, and emerging sectors like green hydrogen and electric vehicles. REC also finances critical non-power infrastructure, including roads, metro rail, and airports.
As of September 30, 2024, REC’s loan book stands at Rs5.46 lakh crore, with a net worth of Rs72,893 crore. The company continues to play a key role in flagship government initiatives such as SAUBHAGYA, DDUGJY, and RDSS, which aim to enhance India’s power infrastructure and ensure last-mile connectivity.
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