750 MW Rewa Solar Project a milestone

| | New Delhi
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750 MW Rewa Solar Project a milestone

Thursday, 04 October 2018 | PNS | New Delhi

Rewa Ultra Mega Solar Ltd (RUMSL) has implemented the innovative 750MW Rewa Solar Project with historical outcomes.

RUMSL is a joint venture of Government of Madhya Pradesh owned MPUVNL and Government of India owned SECI. RUMS has now issued notice inviting tenders for solar projects in 550 MW Agar Solar Park, 450 MW Shajapur Solar Park and 500 MW Neemuch Solar Park.

The project, double the size of Rewa, is another major step towards fulfilling Prime Minister’s mission of 100 GW solar by the year 2022.

RUMSL will hold a roadshow for launching the bidding process for the project on October 5, 2018 during the 2nd Global RE-Invest in New Delhi. In September 2018, Cabinet of Government of Madhya Pradesh approved the project, underscoring the commitment of Government towards green and cheaper power. During the roadshow, RUMSL will sign a term sheet with Indian Railways and Railways Energy Management Company Limited (REMCL) for procuring about 23 per cent energy from the project, with Madhya Pradesh Power Management Company (MPPMCL) procuring the rest. Further, RUMSL will also sign an agreement under which IREDA will, for the first time ever, provide a long-term overdraft facility that would enable RUMSL to extend payment security to developers for the Rewa project. Principal Secretary of New and Renewable Energy Department, GoMP, Manu Srivastava informed that by mobilizing private investment of about Rs 6330 crore or USD 875 million, the projects will further showcase Madhya Pradesh as a preferred investment destination.

The project will repeat several features of the Rewa transaction. The project intends to be the second project in the country, after Rewa, to supply power to a big institutional customer, namely, Indian Railways.

These features of the Rewa project made it highly attractive with 20 bidders, including 6 international bidders, participating in a State led bid for the first time, resulting in historic low tariff that changed the solar power market in India.

The Government of India adopted several features of the project in the competitive bidding guidelines for the country. It is the only project in the country to be supplying power to a big institutional consumer, namely Delhi Metro, using inter-State open access, thus establishing the principle that renewable projects are viable on commercial considerations and not merely on the basis of regulatory directions.

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