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Madhya Pradesh inks pact with IFC to set up world’s largest solar plant

Solar-Panel-YouThe Madhya Pradesh government has inked a pact with IFCInternational Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries..., member of the World Bank Group, to set up the world’s largest solar energy plant with a capacity of 750 MW.

The Rewa Ultra-Mega Solar Power Project will be set up in Gurh tehsil of Rewa district over an area of 1,500 hectares at an estimated cost of Rs 4,500 crore.

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The project will be the largest single-site solar power project in the world, a release said.

The Memorandum of Understanding (MoUA memorandum of understanding (MoU) is an agreement between two (bilateral) or more (multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement...) was signed between Madhya Pradesh Renewable Energy Development Corporation and IFCInternational Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries....

“Successful implementation of the Rewa Ultra-Mega Power project will be a key milestone for Madhya Pradesh’s outstanding efforts and leadership in renewable energy and the Centre’s remarkable vision on solar power,” the state’s Energy Minister Rajendra Shukla said.

IFCInternational Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries..., which is working with the Union government to assist in meeting its large-scale solar energy generation goals, is also supporting the state government for the project.

Moreover, IFCInternational Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries... will extend its global expertise to structure and implement the transaction to help attract private investments of about USD 750 million.

Madhya Pradesh Urja Vika Nigam Limited (MPUVN) and the Solar Energy Corporation of India have created a joint venture company — Rewa Ultra-Mega Solar Power Limited — to implement the project.

“With this project, India can demonstrate to the world that innovative business models and partnerships to build scale can help achieve challenging goals.

IFCInternational Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries... is privileged to be part of India’s and Madhya Pradesh’s determined approach to build a sustainable future,” IFC’s Regional Director for South Asia Mengistu Alemayehu said.

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