Solar energy will play a big role in Atmanirbhar Bharat
#GS3 #Technology #Environment
Why in news?
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).
- 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.
- 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.