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BHEL’s JV with RECPDCL to Develop RE Projects Across India Awaits DIPAM Approval

Bharat Heavy Electricals Ltd. (BHEL) has announced that its proposed joint venture with REC Power Development and Consultancy (RECPDCL) to develop 1 GW of renewable energy projects initially, primarily for the C&I segment, is currently awaiting approval from DIPAM before moving to the next stage of incorporation.

May 12, 2025. By Mrinmoy Dey

Bharat Heavy Electricals Ltd. (BHEL) has stated that the proposal for the incorporation of a joint venture company between BHEL and REC Power Development and Consultancy Ltd. (RECPDCL) for the development of renewable energy projects is currently under approval with Department of Investment and Public Asset Management (DIPAM).

“Post the same, the proposal will be re-submitted to BHEL Board for incorporation of the JVC and investment (with due diligence and feasibility report). The Joint Venture Agreement will be signed after all necessary approvals are obtained,” said BHEL in a regulatory filing.

The Board of REC approved the proposal on a board meeting held on May 8, 2025.

A Memorandum of Understanding (MoU) between the parties were signed on March 15, 2024.

“The SPV will be benefitted by the core engineering expertise of BHEL and infrastructure investment expertise of REC Ltd. The SPV will focus on catering to the energy requirement of preferably the commercial and industrial (C&I) segment, with an initial capacity of 1 GW which would be scaled up further,” the Ministry of Power informed back then in a statement.

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