REC Power Development and Consultancy (RECPDCL), a wholly owned subsidiary of REC, has announced the signing of a Memorandum of Understanding (MoU) with Bharat Heavy Electrical (BHEL) for the joint development of utility-scale Renewable Energy Projects across the country. The objective of the MoU is to contribute towards the clean energy goals of the nation through the establishment of a dedicated Special Purpose Vehicle (SPV). It was agreed that the SPV will benefit from the core engineering expertise of BHEL and the infrastructure investment expertise of REC. The primary focus of the SPV will be to address the energy needs, preferably of the commercial and industrial (C&I) segment, starting with an initial capacity of 1 GW, which will subsequently be expanded. The MoU was formalised in New Delhi on March 15, 2024. The signing ceremony was attended by key representatives including Vivek Kumar Dewangan, CMD of REC; Koppu Sadashiv Murthy, CMD of BHEL; V K Singh, Director (Projects) at REC; Rajesh Kumar, CEO of RECPDCL; and Bani Varma, Director of IS&P at BHEL. CMD of REC extended congratulations to both organizations for the collaboration and provided guidance for the future direction, emphasizing the development of renewable energy assets such as solar, wind, and green hydrogen. He expressed, We are delighted to announce the signing of an MoU with BHEL for the establishment of a joint venture focused on the development of utility-scale renewable energy projects. This partnership amalgamates our extensive experience in the renewable energy sector with BHEL's established proficiency in manufacturing and engineering. This SPV will play a pivotal role in achieving India's ambitious renewable energy targets, thereby contributing to a cleaner and greener future. Commenting on the occasion, the CMD of BHEL stated that there are numerous opportunities in the renewable energy sector to capitalize on the combined strengths of both organisations to fulfill the ambitious targets outlined by the Government of India.