Agreements will be Signed with Devcelopers Today

Bhopal: Agreements will be signed with three developers for establishment of project at minimum rates received in bidding for 750 megawatt Rewa Ultra Mega Solar Power Plant to be established at Gudh tahsil of Rewa district at Hotel Courtyard Marriot on April 17 at 11.00 a.m. Chief Minister Shivraj Singh Chouhan, Union Minister for Urban Development, Housing and Urban Poverty Alleviation, Information and Broadcasting M. Venkaiah Naidu, Union Minister of State for Power, Coal, New and Renewable Energy and Mines (Independent Charge) Piyush Goyal, State’s Minister for Energy Paraschandra Jain and Chairman M.P. Urja Vikas Nigam Vijendra Singh Sisodiya will present on the occasion. Officers of New and Renewable Energy Ministry of Union Government, World Bank and International Finance Corporation etc. will also present in the programme.

Mainly Power Purchase Agreement will be signed with three developers which have quoted minimum rates in the tenders invited for the Rewa project in the programme by the Madhya Pradesh Power Management Company Limited and Delhi Metro Rail Corporation. Also agreements will be signed with the developers for cooperation and coordination in implementation of scheme and for permission towards utilisation of land necessary for power plant.

An amount of Rs. 4700 crore (On the basis of last Solar tender rates) will be saved during the project period by Madhya Pradesh Power distribution companies/ M.P. Power Management Company due to low rates received in Rewa Project. A private investment of Rs. 4000 crore will be invested in Madhya Pradesh due to the establishment of this Project. International Finance Corporation has played an important role as an advisor in the investment.

Out of total electricity being produced from the project, 24 percent electricity will be given to Delhi Metro. Rewa Project is the first project of the country from where electricity is being provided to the open access customer out of the state.

Electricity being provided to the Delhi Metro is half of the current electricity rates and due to this a saving of Rs. 100 crore per annum and about Rs. 2600 crore will be made by the metro.

A total of 6 international companies and 14 national companies took part in the tender process of Rewa project. 10 folds capacity of total 750 megawatt capacity bid were received. Main international companies were Soft bank (Japan), Engie (France), Enel (Italy) etc. Rate of Rs. 2.97 has been received for the project which is 34 percent less than the lowest rate of Rs. 4.34 of the country.

Rewa Solar Power Project is the first project of the country in which a loan has been taken from the World Bank. This is the first project in which reasonable loan on 0.25 percent of Clean technology Fund has been taken.

A 220/440 k.v. substation has been made free in project area by PGCIL of the Union Government. The union government has made inter state electricity transmission free for renewable energy. Also subsidy 12 lakh/megawatt has been provided by the union government for development of Rewa Solar park.

This 750 megawatt project is being developed in three units of 250 megawatt each. Under the unit tariff for first year for two units, a rate of Rs. 2.979 per unit by Mahindra Renewable Pvt. Ltd.-Mumbai, Rs. 2.97 per unit by second unit Acme Solar Holdings Pvt. Ltd. –Gurgaon and Rs. 2.974 per unit have been given by Solenergi Power Pvt. Ltd., Port Louis-Mauritius.-WTN