750 MW Rewa Solar Power Plant – A Defining Milestone in India’s Solar Energy Journey

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The successful commercial close of 750MW Rewa Ultra Mega Solar Park in Madhya Pradesh, has helped India get closer to its 100 GW solar energy goal by 2022. The public private partnership initiative utilized a robust project structure and innovative de-risking mechanisms, paving the way for other large scale solar power projects in India. With a record low tariff of US Cents 4.4/kilowatt hour offered through a competitive bidding process, the project achieved the lowest tariffs ever awarded for a solar project in India, bringing them at par with fossil fuels for the first time. As transaction advisor appointed by the government of Madhya Pradesh, IFC played a strategic role in advising Rewa Ultra Mega Solar Limited in designing the structure, balancing public and market risks, and creating a competitive auction process. Rewa Solar transaction is the recipient of World Bank Group’s President’s Awards for Innovation and Excellence. It is a remarkable story of story of scale, collaboration, and innovation that led India to achieve grid parity in 2017.

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