The Madhya Pradesh government has inked a pact with IFC, member of the World Bank Group, to set up the world’s largest solar energy plant with a capacity of 750 MW.
The Rewa Ultra-Mega Solar Power Project will be set up in Gurh tehsil of Rewa district over an area of 1,500 hectares at an estimated cost of Rs 4,500 crore. The project will be the largest single-site solar power project in the world, a release said.
The Memorandum of Understanding (MoU) was signed between Madhya Pradesh Renewable Energy Development Corporation and IFC.
“Successful implementation of the Rewa Ultra-Mega Power project will be a key milestone for Madhya Pradesh’s outstanding efforts and leadership in renewable energy and the Centre’s remarkable vision on solar power,” the state’s Energy Minister Rajendra Shukla said.
IFC, which is working with the Union government to assist in meeting its large-scale solar energy generation goals, is also supporting the state government for the project. Moreover, IFC will extend its global expertise to structure and implement the transaction to help attract private investments of about $750 million.
Madhya Pradesh Urja Vika Nigam Limited (MPUVN) and the Solar Energy Corporation of India have created a joint venture company – Rewa Ultra-Mega Solar Power Limited – to implement the project.
“With this project, India can demonstrate to the world that innovative business models and partnerships to build scale can help achieve challenging goals. IFC is privileged to be part of India’s and Madhya Pradesh’s determined approach to build a sustainable future,” IFC’s Regional Director for South Asia Mengistu Alemayehu said.