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.
