The state cabinet of the Government of Madhya Pradesh, today, approved the payment guarantee to be provided to solar project developers in the Rewa Ultra Mega Solar (RUMS) park.

An official overlooking the development of RUMS confirmed the approval by state cabinet and stated, “it’s good news, now, the third tier of the payment security mechanism for RUMS is in place.”

Another official with RUMS stated, “the state government will guarantee that if there are payment delays by the off-takers, it (state) will pay the difference or the amount pending to the developers.”

The 750 MW Rewa Solar Park auction in Madhya Pradesh, had heralded the decline in solar tariffs in India with bids as low as ₹3.30 (~$0.494)/kWh.

More details to follow…

Image credit: Mahindra Susten