REC board okays incorporation of 7 SPVs to facilitate evacuation of renewable energy
New Delhi: State-owned shadow banking firm REC Ltd on Wednesday said its board has approved a proposal to incorporate seven power transmission projects which would facilitate evacuation of renewable energy. These projects will evacuate clean energy from Maharashtra, Madya Pradesh, Karnataka and Rajasthan.
“The board of directors of REC Ltd in its meeting held on March 25, 2020, inter-alia approved the proposal for incorporation of seven project specific special purpose vehicles (SPVs) as wholly-owned subsidiaries of REC Transmission Projects Company Ltd (RECTPCL), a wholly-owned subsidiary of REC,” according to a regulatory filing.
