Rewa: an example of synergy between Central and State Governments
Prime Minister Narendra Modi has dedicated to the nation the 750 MW Solar Project set up at Rewa, Madhya Pradesh on 10 July 2020.
The Project comprises of three solar generating units of 250 MW each located on a 500-hectare plot inside a 1,500-ha Solar Park, developed by the Rewa Ultra Mega Solar Limited (RUMSL), a Joint Venture Company of Madhya Pradesh Urja Vikas Nigam Limited (MPUVN), and Solar Energy Corporation of India (SECI), a Central Public Sector Undertaking.
Central Financial Assistance of Rs.138 crore has been provided to RUMSL for development of the Park, said the Prime Minister’s Office.
After the Park had been developed, Mahindra Renewables Private Ltd, ACME Jaipur Solar Power Private Ltd and Arinsun Clean Energy Private Ltd were selected by RUMSL through a reverse auction for developing three solar generating units of 250 MW each inside the Solar Park.
Rewa Solar Project is an example of synergy between Central and State Governments.
The Rewa Solar Project was the first solar project in the country to break the grid parity barrier. Compared to prevailing solar project tariffs of approx. Rs.4.50/unit in early 2017, the Rewa project achieved historic results: the first-year tariff of Rs.2.97/unit with a tariff escalation of Rs.0.05/unit over 15 years and a levelized rate of Rs.3.30/unit over the term of 25 years.
The project will reduce carbon emission equivalent to approx. 15 lakh ton of CO2 per year.
The Rewa project has been acknowledged in India and abroad for its robust project structuring and innovations. Its payment security mechanism for reducing risks to power developers has been recommended as a model to other States by MNRE.
It has also received World Bank Group President’s Award for innovation and excellence and was included in the Prime Minister’s “A Book of Innovation: New Beginnings”.
It is also the first renewable energy project to supply to an institutional customer outside the State — Delhi Metro which will get 24% of energy from the project with the remaining 76% being supplied to the State DISCOMs of Madhya Pradesh. The Rewa Project also exemplifies India’s commitment to attaining the target of 175 GW of installed renewable energy capacity by the year 2022, including 100 GW of solar installed capacity. #solar #renewables #energy #electricity #WorldBank /fiinews.com
