Prime Minister Narendra Modi inaugurated the Rewa Ultra Mega Solar Power project via video conference.
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 (MPUVN), and Solar Energy Corporation of India (SECI), a Central Public Sector Undertaking. Central Financial Assistance of ₹ 138 crore has been provided to RUMSL for development of the Park. After the Park had been developed, Mahindra Renewables, ACME Jaipur Solar Power, and Arinsun Clean Energy were selected by RUMSL through reverse auction for developing three solar generating units of 250 MW each inside the Solar Park.
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 approximately ₹ 4.50/unit in early 2017, the Rewa project achieved historic results: a first year tariff of ₹ 2.97/unit with a tariff escalation of ₹ 0.05/unit over 15 years and a levelized rate of ₹ 3.30/unit over the term of 25 years. This project will reduce carbon emission equivalent to approximately 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 book “A Book of Innovation: New Beginnings” released by Prime Minister. The project is also the first renewable energy project to supply to an institutional customer outside the State, ie, Delhi Metro, which will get 24% of energy from the project with remaining 76% being supplied to the State DISCOMs of Madhya Pradesh.
The Rewa Project also exemplifies India’s commitment to attain the target of 175 GW of installed renewable energy capacity by the year 2022, including 100 GW of Solar installed capacity.
