Current Affairs, 11-07-2020, Rewa Ultra Mega Solar
Solar energy will play big role in Atmanirbhar Bharat This is because solar energy is sure, pure and secure. Sure because other sources of energy can be exhausted, but the sun will continue to shine. Pure because instead of polluting the environment, it helps in protecting it. And secure because it’s a huge symbol, inspiration for Atmanirbhar Bharat,” Mr. Modi said.
Recently, the Prime Minister has inaugurated the 750 MW (Mega Watt) solar project set up in Rewa, Madhya Pradesh.
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 Asia's largest solar power project.
It comprises three solar generating units of 250 MW each located on a 500 hectare of land situated inside a solar park (total area 1500 hectare).
It was developed by the Rewa Ultra Mega Solar Limited (RUMSL), a Joint Venture Company of Madhya Pradesh UrjaVikas Nigam Limited (MPUVN), and Solar Energy Corporation of India (SECI), a Central Public Sector Undertaking.
Central Financial Assistance of Rs. 138 crore was provided to the RUMSL for development of the Park.
Grid Parity Barrier: 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.
Further, compared to prevailing solar project tariffs of approx. Rs. 4.50/unit in early 2017, it achieved a first year tariff of Rs. 2.97/unit with a tariff escalation of Rs. 0.05/unit over 15 years.
Risk Reduction: 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.
Renewable Energy Project: It is the first renewable energy project to supply an institutional customer outside the state, i.e. Delhi Metro, which will get 24% of energy from the project with the remaining 76% being supplied to the state DISCOMs of Madhya Pradesh.
It is also India’s first solar project to get funding from Clean Technology Fund (CTF), which is available at a rate of 0.25% for a 40-year period from the World Bank.
The CTF promotes scaled-up financing for demonstration, deployment and transfer of low carbon technologies with a significant potential for long-term greenhouse gas emissions savings.
Carbon Emission Reduction: It will help in reducing the carbon emission equivalent to 15 lakh ton of CO2 per year.
Global Appreciation: It has also received the World Bank Group President’s Award for innovation and excellence and was included in the book ‘A Book of Innovation: New Beginnings’