Bhopal: The state government on Monday signed documents to give guarantee for procurement of solar power from Rewa Ultra Mega Solar project for the state discoms. It is an unconditional guarantee, which state government has offered, with an assurance for payments on behalf of the state discoms in case of any default.
Rew Ultra Mega Solar Project (750MW) is one of the largest upcoming solar projects in the world. It is a key initiative towards developing greater solar capacity by 2022. Rewa Ultra Mega Solar Limited is the implementing agency. It is a joint venture owned by MP government and Solar Energy Corporation of India (SECI) of central government. World Bank is giving loan for development of internal infrastructure for the project.
Mahindra Renewable, Acme Solar, Spring Energy are solar developers that were selected through bidding process to develop each of 250 MW of units. One of the unique features of the project is a three-tire payment security mechanism for securing payment to developer from MP Power Management Company Limited. Under this mechanism, first two tiers are letter of credit and payment security fund. Third tier is a guarantee from state government.
