Bharat Heavy Electricals Ltd (BHEL) has announced that its proposal to form a joint venture (JV) with REC Power Development and Consultancy Ltd (RECPDCL) is currently under review by the Department of Investment and Public Asset Management (DIPAM). This collaboration, first formalized through a Memorandum of Understanding (MoU) in March 2024, aims to accelerate the development of utility-scale renewable energy projects across India. The joint initiative seeks to play a significant role in meeting the country’s clean energy targets through a dedicated special purpose vehicle (SPV).