RECPDCL, a subsidiary of REC Ltd, has handed over the ₹22,700 crore Rajasthan Part I Power Transmission Project SPV to Adani Energy Solutions. The transfer includes India’s first HVDC scheme awarded to the private sector, the company said in a press release on the stock exchange.
The transfer includes the country’s first High Voltage Direct Current (HVDC) transmission scheme, which was awarded to the private sector under the Tariff-Based Competitive Bidding (TBCB) framework.
The project marks a milestone in India’s transmission sector, highlighting the growing role of private players like Adani Energy Solutions in advancing the country’s infrastructure development.
The handover was completed successfully, and Adani Energy Solutions will now manage the HVDC transmission system, which plays a critical role in enhancing power transmission capacity across the region.
This move forms part of the broader restructuring and divestment strategy by REC Limited to streamline its operations and focus on its core business areas.
The project involves the construction of a +800 kV HVDC transmission line stretching 955 km, along with associated infrastructure. It will be developed on a Build, Own, Operate, and Transfer (BOOT) basis, with a 54-month implementation timeline.
The ₹22,700 crore initiative includes the establishment of two HVDC terminal stations, each with a 6,000 MW capacity, located in Bhadla, Rajasthan, and Fatehpur, Uttar Pradesh.
REC’s share price traded 1.73% lower at ₹482.25 at 1:20 PM on the NSE. The stock opened at ₹491, higher than its previous close of ₹490.75. The drop in share price today has wiped out the 1.4% gain registered yesterday.
Meanwhile, Adani Energy Solutions’ share price traded 0.85% lower at ₹808.85 on the NSE. The stock opened at ₹819, higher than its previous close of ₹815.75.
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Published on: Jan 21, 2025, 1:28 PM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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