IFC To Support Madhya Pradesh to Develop World’s Largest Single-Site Solar Power Project
Sunday, January 17, 2016
IFC(International finance corporation), a member of the World Bank Group, is working with the Indian government to assist in meeting its large-scale solar energy generation goals. IFC is supporting the state government of Madhya Pradesh, to set up the 750-MW Rewa ultra-mega solar power project.
This will be the largest single-site solar power project in the world.IFC will extend its global expertise to structure and implement the transaction to help attract private investments of about $750 million. IFC’s work on this project will be supported by its partnership with Department of Foreign Trade, Government of Australia.
“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,” said Mr. Rajendra Shukla, Minister of Energy, Mines, and Minerals, Government of Madhya Pradesh. “IFC’s global expertise in PPPs, leadership in renewable energy, and convening power with investors, will help us implement this unique project.”
The project is supported by the Ministry of New and Renewable Energy, Government of India, under its solar parks development scheme. Madhya Pradesh Urja Vika Nigam Limited (MPUVN) and the Solar Energy Corporation of India have created a joint venture company—Rewa Ultra-Mega Solar Power Limited—to implement the project. IFC will work closely with the New and Renewable Energy Department of the state government and MPUVN on this project.