The state government of Madhya Pradesh entered into project agreements with ACME Solar, Solenergi Power, and Mahindra Renewables on April 17, 2017, to develop the 750 MW Rewa Ultra Mega Solar Park.
The project developers signed power purchase agreements (PPAs) with the Madhya Pradesh Power Management Corporation Ltd. (MPPMCL) and the Delhi Metro Rail Corporation (DMRC). The DMRC will buy about 24 percent of the energy generated from the solar park, to meet close to 80 percent of the daytime energy required by the metro with MPPMCL purchasing the rest.
International Finance Corporation (IFC), a member of the World Bank Group, is the lead transaction advisor for this project and will mobilize $550 million (~Rs.35.5 billion) in private investment and avoid a million tons of greenhouse gas emissions, according to an IFC release.
“The Rewa solar park transaction will have an enormous ripple effect, helping create new markets for large solar projects across India and the region,” said Philippe Le Houerou, IFC Executive Vice President and CEO.
At the Rewa solar park auction conducted in February, ACME Solar won with the lowest bid to develop a 250 MW project (Unit-2) quoting a tariff of Rs.2.970 (~$0.0444)/kWh for the first year and a levelized tariff over 25 years of Rs.3.30 (~$0.0494)/kWh, followed by Solenergi, which won a 250 MW project (Unit-3) quoting a first-year tariff of Rs.2.974 (~$0.0444)/kWh at a levelized tariff of Rs.3.304 (~$0.0495)/kWh. Mahindra Renewables won a 250 MW project (Unit-1) with a first-year tariff of Rs.2.979 (~$0.0445)/kWh and a 25-year levelized tariff of Rs.3.309 (~$0.0495)/kWh.
Image Credit: Tata Power