{"id":7994,"date":"2017-04-24T09:15:09","date_gmt":"2017-04-24T09:15:09","guid":{"rendered":"https:\/\/cleanenergyworld.net\/index.php\/2017\/04\/24\/indias-solar-objectives-get-major-boost-750mw-rewa-ultra-mega-solar-park\/"},"modified":"2017-04-24T09:15:09","modified_gmt":"2017-04-24T09:15:09","slug":"indias-solar-objectives-get-major-boost-750mw-rewa-ultra-mega-solar-park","status":"publish","type":"post","link":"https:\/\/cleanenergyworld.net\/index.php\/2017\/04\/24\/indias-solar-objectives-get-major-boost-750mw-rewa-ultra-mega-solar-park\/","title":{"rendered":"India\u2019s Solar Objectives Get Major Boost with 750MW Rewa Ultra Mega Solar Park"},"content":{"rendered":"

India\u2019s State Government of Madhya Pradesh<\/a> has signed project agreements with solar power companies making Rewa Ultra Mega Solar Park<\/a> a reality and helping India get closer to its 100 GW solar energy goal by 2022. IFC<\/a>, a member of the World Bank Group, is the lead transaction advisor for this project that will mobilise $550 million in private investment and avoid a million tonnes of GHG emissions.\u00a0The project is led by Rewa Ultra Mega Solar Limited (RUMSL), a joint venture between the Solar Energy Corporation of India (SECI<\/a>) and Madhya Pradesh Urja Vikas Nigam Limited (MPUVN<\/a>). The initiative utilised a robust project structure and innovative de-risking mechanisms, paving the way for other large-scale solar power projects in India.<\/p>\n

With a record low tariff of US Cents 4.4\/kilowatt hour offered through a competitive bidding process, the project achieved the lowest tariffs ever awarded for a solar project in India, bringing solar tariffs in the country on par with fossil fuels for the first time.\u00a0\u201cThe Rewa solar park transaction will have an enormous ripple effect, helping create new markets for large solar projects across India and the region,\u201d said Philippe Le Hou\u00e9rou, IFC Executive Vice President and CEO. \u201cWe have partnered with state and national government agencies for years to develop the solar market in India \u2013 from rooftops to mega solar parks \u2013 and the agreements signed today are the next step in IFC\u2019s efforts to help India be a global leader in renewable energy and secure a clean, sustainable future.\u201d<\/p>\n

As transaction advisor appointed by the government of Madhya Pradesh, IFC played a strategic role in advising RUMSL in designing the structure, balancing public and market risks, and creating a competitive auction process. IFC also assisted in developing a unique power scheduling arrangement that enabled the Delhi Metro Rail Corporation to take energy straight from the solar park to power its rail service.\u00a0\u201cWith the Ministry of New & Renewable Energy<\/a> asking other states to incorporate many key provisions of this transaction into their solar projects, we are very proud that Madhya Pradesh is leading the way in large-scale renewable power developments in India,\u201d said Manu Srivastava, Chairman, Rewa Ultra Mega Solar Limited and Principal Secretary, New and Renewable Energy Department of Government of Madhya Pradesh. \u201cThis is the first time that solar power has achieved grid parity in our country, which means that the ambitious renewable energy targets set by the Government of India are within reach. This is truly revolutionary. IFC played a critical role in this record-setting project.”<\/p>\n

The 750 MW capacity project was auctioned in three packages of 250 MW each, and will be one of the biggest single site solar projects in the world. The three winning bidders for the project are Mahindra Renewables<\/a>, ACME Solar<\/a>, and Solenergie Power.\u00a0The winning bidders signed two sets of power purchase agreements with the Madhya Pradesh Power Management Corporation Ltd (MPPMCL)<\/a> and the Delhi Metro Rail Corporation<\/a>. With about 24% percent of energy from the park being sold to the Delhi Metro, it will meet about 80% of daytime energy requirement of Delhi Metro.<\/p>\n

The Rewa solar project will also receive financing from the World Bank, which is helping India deliver on its solar ambitions with more than $1 billion in lending over FY2017, as well as supporting the India-led International Solar Alliance<\/a>, which aims to promote solar use globally by mobilising $1 trillion in investments by 2030.<\/p>\n

India is IFC’s top country exposure, globally. IFC’s committed portfolio in India is over $5 billion as of June 30, 2016. In FY16, IFC committed $1.1 billion in new investments in the country. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships.\u00a0
\n<\/strong>
\nIFC, a member of the World Bank Group<\/a>, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it\u2019s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity.<\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s State Government of Madhya Pradesh has signed agreements making Rewa Ultra Mega Solar Park a reality and helping India get closer to its 100 GW solar energy goal by 2022. IFC, a member of the World Bank Group, is the lead transaction advisor for the project that will mobilise $550 million in private investment and avoid a million tonnes of GHG emissions. The 750 MW capacity project was auctioned in three packages of 250 MW each and will be one of the biggest single site solar projects in the world. <\/p>\n","protected":false},"author":2,"featured_media":7845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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