The Rewa Ultra Mega Solar (RUMS) park will save Rs 2,086 crore for Madhya Pradesh government's power utilities and Rs 1,220 crore for Delhi Metro over 25 years. The marque project of the state government in February 2017 threw up record low tariff of Rs 2.97 a unit (kilowatt/hour) during bidding. Madhya Pradesh chief minister Shivraj Singh Chouhan today laid the foundation stone of the 750 MW project in the presence of Union minister of Power and New and Renewable Energy R K Singh at Gurh in Rewa. Mahindra Renewables, ACME Solar Holdings and Solengeri Power bagged the three units at Rs 2.979, Rs 2.97 and Rs 2.974 tariff for the first year. Chouhan said, “The 750 MW Rewa Solar Park is one of the largest solar parks in the world and it is a proud moment for all of us.” He said the project busted the myth that solar power is expensive by achieving record low tariff of Rs 2.97. Development of large-scale solar power projects in the country has, so far, been the initiative of the Centre.
The Rewa project has demonstrated that the states can stand alongside the Union government to fulfil this responsibility, he said. India has set a target of installing 175 Gw of renewable energy by 2022 under the Paris Agreement. Singh said Madhya Pradesh could another 5000 Mw of renewable capacity in the coming few years. Manu Srivastava, state's principal secretary, renewable energy, said the Rs 4,000-crore project was unique and has been included in PM’s Book of Innovation, 2017, besides getting the World Bank Group’s president Award for Innovation and Excellence. IFC is the transaction advisor for the project. “I am confident that the state will not only develop the upcoming solar park capacity 2000 MW, but many more projects in Madhya Pradesh to achieve the targets set for the state and shall contribute in achieving the national target," Srivastava said. The World Bank is funding the internal infrastructure of the project while IREDA has set up a payment security fund.