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Focus: GS-III Industry and Infrastructure

Why in news?

The Prime Minister dedicated to the Nation the Rewa Ultra Mega Solar Power project.

Rewa Ultra Mega Solar Power project

  • The Prime Minister has inaugurated the 750 MW (Mega Watt) solar project set up in Rewa, Madhya Pradesh.
  • It is Asia’s largest power project.
  • It is in line with India’s commitment to attain the target of 175 GW of installed renewable energy capacity by 2022 including 100 GW of solar installed capacity.
  • It is the first solar project in the country to break the grid parity barrier.

(Grid parity occurs when an alternative energy source can generate power at a cost of electricity that is less than or equal to the price of power from the electricity grid.)

  • It is India’s first solar project to get funding from Clean Technology Fund (CTF), which is available at a very low rate (0.25%) for a 40-year period from the World Bank.
  • It will help in reducing the carbon emission equivalent to 15 lakh ton of CO2 per year.
  • It has also received the World Bank Group President’s Award for innovation and excellence
  • It is the first renewable energy project to supply an institutional customer outside the state where it is produced. (In this case, power is supplied from Madhya Pradesh to the Delhi Metro)
  • Its payment security mechanism for reducing risks to power developers has been recommended as a model to other states by the Ministry of New and Renewable Energy.
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July 2024