New Delhi: State-run REC on Friday said its arm REC Power Distribution Company Ltd has emerged as the lowest bidder for a 10 MW solar project in the Jaipur district of Rajasthan under an auction conducted by the the Solar Energy Corporation of India (SECI). “REC Power Distribution Company Ltd (REC-PDCL), a wholly-owned subsidiary of REC Limited, has emerged as the lowest bidder to install a 10 MW solar power plant at Bagru Kala Town, Jaipur District, Rajasthan on BOO (Build-Own-Operate) basis,” an REC statement said. As per the request for selection (RfS) invited by SECI, the Jaipur Development Authority (JDA) shall enter into a power purchase agreement (PPA) with the successful bidder for the purchase of solar power for a period of 25 years.
The projects will be connected to the Rajasthan Rajya Vidyut Prasaran Nigam Ltd (RVPNL) grid substation, Bagru at 33 kV, and will be set up on 15-hectare land owned by the JDA. The REC-PDCL’s success in winning this project through e-reverse auction (e-RA) signifies the company’s competitiveness and commitment of REC and its subsidiaries towards promoting renewable energy in line with the covenants of the Paris Agreement and with the national target of 175 GW of renewable energy by 2022, it said.
The REC-PDCL is engaged in the businesses of project implementation and consultancy services in the power sector. As on March 31, 2020, the RECPDCL was working on about 100 ongoing projects spread across 57 DISCOMs / power departments / co-operative societies in 26 states and 4 Union Territories.
During 2019-20, the REC-PDCL’s total revenue and profit after tax (net profit) were Rs 143.01 crore and Rs 12.47 crore, respectively. Its net worth as on March 31, 2020 was Rs 168.20 crore.
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