Madhya Pradesh signed project agreements to build 750 MW »Rewa« PV plant

India’s State Government of Madhya Pradesh signed project agreements with three solar power companies to build the 750 MW »Rewa Ultra Mega Solar Park«. The International Finance Corp. (IFC), the private sector arm of the World Bank, is the lead transaction advisor for this project that will mobilize $550 million in private investment. The project is led by Rewa Ultra Mega Solar Limited (RUMSL), a joint venture between the Solar Energy Corporation of India (SECI) and Madhya Pradesh Urja Vikas Nigam Limited (MPUVN).
With a record low tariff of ¢4.4/kWh 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,« said Philippe Le Houérou, IFC Executive Vice President and CEO.
As reported in February, 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, ACME Solar, and Solenergie Power.
The winning bidders signed two sets of power purchase agreements with the Madhya Pradesh Power Management Corporation Ltd (MPPMCL) and the Delhi Metro Rail Corporation. With about 24 percent of energy from the park being sold to the Delhi Metro, it will meet about 80 percent of daytime energy requirement of Delhi Metro.

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