The project is being supported by the India Govt., which is targeting to achieve 100,000 megawatts of solar power by 2022.
Updated on Feb 17, 2015:
At the inauguration of the global conference, RE-Invest 2015, Prime Minister Narendra Modi described the narrowing difference between the cost of solar and conventional energy as a ‘game changer’ in the renewable energy sector.
With the belief that India has the potential to lead the world in this domain, world's largest 750MW solar power plant will be inaugurated in Rewa district of Madhya Pradesh, next year on Independence Day.
This Rs 4000 crore project will be set up by the state government in a joint venture with Solar Energy Corporation of India. Acquisition of 1,500 hectares of land is close to completion and government agencies will start inviting tenders from developers by April.
The plant is expected to produce power at Rs 5 per/unit, which would be lower than the production costs in any other solar project in the country, including the one at Neemuch in Madhya Pradesh and Mehsana and Patan in Gujarat. The price of solar energy has now come close to conventional power.
The plant, to be inaugurated in three segments of 250 MW each, will require no clearance from pollution control board. The 750MW power plant will also outdo America's much-hyped 550-megawatt Desert Sunlight solar project in California. The World Bank will fund 49% of the cost at concessional rates and at least 20% of the total power produced from the solar plant will be for Madhya Pradesh.