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
“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
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.