A year-and-a-half ago, India led from the front at the Conference of Parties (COP 21) by making a commitment to install 100 GW of solar power capacity by 2022. India established a bold vision of taking solar to an unparalleled scale. This meant taking the country’s emerging story in solar and renewable energy to a whole new level.
The 750 MW solar ultra-mega power project in Rewa, Madhya Pradesh, is symbolic of making that story of ‘scale in solar’ real. It is one of the world’s largest single-site solar projects. Once commissioned, it will nearly double installed solar capacity in Madhya Pradesh, add 7.5 percent of India’s total installed solar capacity as of 2016 and mobilise private sector investment of about $500 million. In addition, the project will avoid 1 million tonnes of greenhouse gas emissions annually.
The large scale of the project is only one of the several features that it has helped India achieve. Perhaps, the most visible outcome is that India moved into a regime of below 5 US cents per kilowatt tariff range without any viability gap funding (subsidy to developers to keep tariffs low). In fact, a first-year tariff of 4.4 US cents (Rs2.97) was achieved. This is historic as solar energy tariffs are, for the first time, lower than thermal power rates from new power plants, placing India among countries that have achieved grid parity. Read More…
Credit By: Forbes India
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