Solar energy will play a big role in Atmanirbhar Bharat

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Prime Minister Narendra Modi on Friday while inaugurating a 750 MW solar power project in Rewa district, Madhya Pradesh said solar energy would play a major role in achieving self-reliance in energy, essential for an Atmanirbhar Bharat (self-reliant India). 

 

Rewa Project

  • The Rewa solar project is Asia’s largest solar power project. 
  • It is the first such project in the country to break the grid parity barrier. (Grid parity occurs when an alternative energy source can generate power at a cost of electricity that is less than or equal to the price of power from the electricity grid)
  • While the Delhi Metro will use 24% of the electricity produced from it, Madhya Pradesh will use the rest. 
  • It comprises three solar generating units of 250 MW each located on a 500 hectare of land situated inside a solar park.

 

Solar Park:

Developed by- 

  • Rewa Ultra Mega Solar Limited (RUMSL), a Joint Venture Company of Madhya Pradesh 
  • UrjaVikas Nigam Limited (MPUVN), and 
  • Solar Energy Corporation of India (SECI), a Central Public Sector Undertaking.
  • Rs. 138 crore Central Financial Assistance was provided to the RUMSL for development of the Park.
  • It is India’s first solar project to get funding from the Clean Technology Fund (CTF), which is available at a rate of 0.25% for a 40-year period from the World Bank.
  • It will help in reducing the carbon emission equivalent to 15 lakh ton of CO2 per year.
  • It has received the World Bank Group President’s Award for innovation and excellence and was included in the book ‘A Book of Innovation: New Beginnings’.

 

What is the Clean Technology Fund? 

  • The Clean Technology Fund (CTF), one of two multi-donor Trust Funds within the Climate Investment Funds (CIFs). 
  • CTF promotes scaled-up financing for demonstration, deployment and transfer of low-carbon technologies with significant potential for long-term greenhouse gas emissions savings. 
  • Channelled through the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and World Bank Group, the CTF finances 12 country programmes and one regional programme.
  • The World Bank is the Trustee and Administrating Unit of the CTF Trust Fund.
  • The World Bank Group, the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank are the implementing agencies for CTF investments.
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