New Delhi, Oct 27 : REC Power Development and Consultancy Ltd, a wholly owned subsidiary of REC Ltd, has handed over the Special Purpose Vehicle (SPV) formed for the construction of Ramgarh II Transmission project in Rajasthan to Power Grid Corporation of India, the company said on Friday. The work of the SPV involves the implementation of a 765/400kV & 2x500 MVA 400/220 kV pooling station at Ramgarh along with 765kV D/c line in Rajasthan. The project is targeted to be completed in 18 months and will help in the evacuation of power from the renewable energy zones in the state to the grid, for further transmission or distribution to load centres. The project forms part of the government's wider plan to achieve 500 GW of installed electricity capacity from non-fossil fuel sources by 2030. The selection of PSU Power Grid Corporation as the Transmission Service Provider was carried out through tariff based competitive bidding. REC Ltd, a Maharatna Central Public Sector Enterprise under the Ministry of Power, is an NBFC focusing on power sector financing and development across India. The loan book of REC stands at Rs 4.54 lakh crore, at the end of the first quarter of the current financial year. /IANS