The World Bank has agreed to provide loan to develop internal transmission arrangements of the upcoming Rewa Ultra Mega Solar project in Madhya Pradesh.
Rewa Ultra Mega Solar is a proposed solar park spread over an area of 1,590 acres (6.4 km2) in the Gurh tehsil of Rewa district of Madhya Pradesh.
The project is expected to be commissioned with 750 MW capacity by the end of 2018.
Rewa Ultra Mega Solar Limited (RUMSL), the implementing agency of the project, is a 50:50 joint venture between the Madhya Pradesh Urja Vikash Nigam Limited (MPUVNL) and the Solar Energy Corporation of India (SECI).
Internal infrastructure for the project is developed by the RUMSL.
The World Bank has agreed to provide loan to develop internal transmission arrangements of the Rewa project.
It will provide 25 per cent of the loan amount under its Clean Technology Fund, where the money will be provided at an interest rate of only 0.25 per cent.
This would be the first solar power project of the country to receive a loan under CTF.
24% of power generated from the park will be sold to the Delhi Metro Rail Corporation, and the remaining to Madhya Pradesh state utility, M.P. Power Management Company Ltd.