PPAs signed for breakthrough Indian solar projects at Rewa

April 18, 2017
Facebook
Twitter
LinkedIn
Reddit
Email
The tender has been described as a new model for other solar procurements across India. Flickr: Christopher Kray

Power purchase agreements (PPAs) have been signed for the pioneering Rewa solar park projects, which briefly had the lowest solar tariffs ever in India.

The PPAs were signed between Delhi Metro Railways Corporation (DMRC), Madhya Pradesh Power Management Company (MPPMC) and Rewa Ultra Mega Solar (RUMS), which is the implementing agency for the 750MW solar park at Bhopal in the state of Madhya Pradesh. RUMS is a joint venture between the Solar Energy Corporation of India (SECI) and state utility Madhya Pradesh Urja Vikas Nigam Limited (MPUVN).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Acme Solar, Mahindra Renewables and Solenergi Power all won 250MW projects at extremely low tariffs in February, with Acme’s levelised tariff coming out at INR3.30/kWh (US$0.051) over 25 years. However, last week Solairedirect won 250MW of capacity in Andhra Pradesh with a new record bid of INR3.15/kWh (US$0.0494).

Energy minister Piyush Goyal, who presided over the PPA signings, said that the solar projects will generate huge savings for Delhi Metro by reducing its cost of power from INR4.50 to INR3.30.

He also praised the unique parameters of the Rewa tender, which included off-taker payment guarantees. International Finance Corporation (IFC) was also appointed as the lead transaction advisor for the project in order to mobilize US$550 million in private investment.

Goyal said that the Rewa PPA has been accepted by the central government as a standard model for all other state governments to emulate and achieve lowest electricity tariff rates through competitive bidding.

Madhya Pradesh has also qualified seven cities with the status of ‘smart cities’ under a first round in which 20 cities participated.

Philippe Le Houérou, IFC executive vice president and CEO, said: “The Rewa solar park transaction will have an enormous ripple effect, helping create new markets for large solar projects across India and the region. We have partnered with state and national government agencies for years to develop the solar market in India – from rooftops to mega solar parks – and the agreements signed today are the next step in IFC’s efforts to help India be a global leader in renewable energy and secure a clean, sustainable future.”

Read Next

October 23, 2025
The average price of a solar PPA signed in Europe in Q3 2025 fell below €35/MWh, reaching €34.25/MWh, according to LevelTen Energy.
October 22, 2025
Utility giant Engie has signed a 15-year renewable energy power purchase agreement (PPA) with tech giant Apple in Italy.
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 
October 15, 2025
Wood Mackenzie has warned of a supply bottleneck as the renewable energy shift drives a spike in global copper demand over the next decade.
October 15, 2025
Ciel & Terre has launched a new floating PV structure designed to address the increasingly large scale of floating solar projects.
October 15, 2025
Indian module manufacturer Saatvik Green Energy, through its subsidiary Saatvik Solar Industries, has secured solar PV module orders worth INR6.89 billion (US$78 million).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal