IFC, MP Govt to Build the Largest Single-site Power Project in Rewa

A member of the World Bank Group share intends to partner with Madhya Pradesh government for a massive solar project. IFC and state govt. aims to setup the largest single-site power project of 750-Mw in Rewa.

IFC will put its expertise to structure and propose the transaction through private investments of about $750 million.

“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 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.”

IFC’s to build this project in support of Department of Foreign Trade, Government of Australia.

Anthony JC de Sa, chief secretary, Madhya Pradesh said, “the project is highly attractive as the state government has made about 1300 hectares of land available to the project, out of a total of 1500 hectares. Power Grid Corporation Limited is constructing its transmission substation within the project boundary.”

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. The plant will help Madhya Pradesh meet its renewable purchase obligations, which mandates that each state generate a certain percentage of its electricity through renewable sources.

IFC’s committed portfolio in India is over $5 billion as of June 30, 2015. In FY15, IFC committed $1.4 billion in new investments.