New Delhi: Prime Minister Narendra Modi on Friday inaugurated Asia’s largest 750 MW Solar Project set up at Rewa, Madhya Pradesh through video conferencing.
“Today, Rewa has really created history. This place has been identified with mother Narmada and white tiger. Now the name of Asia’s largest solar power project has also been attached to it,” PM Modi said.
Glimpses from the solar power project that was inaugurated in Rewa, Madhya Pradesh, this morning. pic.twitter.com/uZOZ0YXxAQ
— Narendra Modi (@narendramodi) July 10, 2020
Inaugurating a Solar Project in Rewa, Madhya Pradesh. https://t.co/QXLmVlV5nb
— Narendra Modi (@narendramodi) July 10, 2020
This Project comprises of three solar generating units of 250 MW each located on a 500 hectare plot of land situated inside a Solar Park (total area 1500 hectare). The Solar Park was developed by the Rewa Ultra Mega Solar Limited (RUMSL), a Joint Venture Company of Madhya Pradesh UrjaVikas 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. 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 reverse auction for developing three solar generating units of 250 MW each inside the Solar Park. Rewa Solar Project is an example of the excellent results that can be achieved if there is 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: a 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. This 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.
