A team comprising Isabel Chatterton, Manager, PPP Transaction Advisory Services and Bhanu Mehrotra of the International Finance Corporation (IFC), a member of the World Bank Group called on the Chief Secretary to brief him about the progress of the 750 MW Rewa Ultra Mega Power Project. IFC is the lead transaction advisor for the Project. Principal Secretary, New and Renewable Energy Department, Manu Srivastava was present. Chief Secretary was briefed about the excellent response by the investors during the pre-bid meeting organized by Rewa Ultra Mega Solar Limited (RUMS) on Monday in New Delhi. Leading Indian and international investors participated in the pre-bid meeting organized after the issue of the draft agreements for the project and enthusiastically affirmed their participation in this innovative project.
The selection of the developer will be through Reverse Auction Mechanism to be held on December 12, 2016. The project is one of the largest solar power plants in the world. RUMSL, a joint venture of Solar Energy Corporation of India(a premier agency of GoI) and Madhya Pradesh Urja Vikas Nigam (the nodal agency for renewable energy in the State of Madhya Pradesh), is the Implementation Agency for the Project. The Madhya Pradesh Government has provided strong support to the Project by approval of a State Guarantee, earmarking of land, strengthening of the contractual framework and approving the purchase of solar power by Madhya Pradesh Power Management Company Ltd (MPPMCL) to meet the increased Renewable Purchase Obligations.
The power from the Project would be purchased by MPPMCL and Delhi Metro Railway Corporation. The 400 X 220 kV Inter-State Transmission substation (PGCIL) and 220 X 33 kV internal evacuation sub-stations (MPPTCL) are being constructed on the site. World Bank is providing funding for internal infrastructure, while private sector will mobilize financing of close to Rs 4500 crore. The Chief Secretary expressed satisfaction with the progress and assured the International Finance Corporation team of the State’s fullest support to the successful completion of the project in a time bound manner.