IFC supporting Madhya Pradesh to attract US$750 million investment for 750MW PV plant

Madhya Pradesh government is lookig to fulfil its RPO. Flickr: Christopher Kray

The International Finance Corporation (IFC), part of the World Bank Group, is supporting the government of the Indian state of Madhya Pradesh to implement a 750MW solar plant near Rewa.

The IFC plans to help attract around US$750 million of private investments, while also being supported through its partnership with the government of Australia’s Department of Foreign Trade.

Once complete, the Rewa project is likely to be the largest single-site solar power project in the world.

Anthony JC de Sa, chief secretary, Madhya Pradesh, said the government had made around 1,300 hectares of land available for the project. Meanwhile Power Grid Corporation is constructing a transmission substation within the project boundary.

Madhya Pradesh Urja Vika Nigam (MPUVN) and the Solar Energy Corporation of India (SECI) have created a joint venture company, named Rewa Ultra-Mega Solar Power Limited, in order to develop the project.

The IFC will also be working closely with the New and Renewable Energy Department of the state government and MPUVN for the project.

The plant will help the Madhya Pradesh state to reach its Renewable Purchase Obligation (RPO), which is a mandate to purchase a certain percentage of power from renewable sources.

Rajendra Shukla, minister of energy, mines and minerals for the government of Madhya Pradesh, said: “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 central government’s remarkable vision on solar power.

“The project will provide competitively-priced renewable power to state and central entities. IFC’s global expertise in PPPs, leadership in renewable energy, and convening power with investors, will help us implement this unique project.”

Last year Shukla, announced the tendering schedule for the 750MW Rewa solar park, which is divided into three 250MW plants.

Himanshu Joshi, executive engineer of the New and Renewable Energy Office of Madhya Pradesh told PV Tech that final bidding will take place in February 2016 with winners to be announced in March. He expects full commissioning in 2017.

As of 30 June last year, the IFC had already committed more than US$5 billion in India, according to the body.

Gaetan Tibhergain, principal investment officer at the IFC, recently described India as having the “gold medal” of the world in terms of solar pricing and claimed there are no other countries where project costs are so attractive right now.

Tags: india, seci, madhya pradesh, ifc, world bank, rewa

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