Sian Crampsie

The International Finance Corporation (IFC) is working with the Indian government to support the development of a 750 MW solar ultra-mega project in Madhya Pradesh.

IFC said in a statement that it would extend its global expertise structure the deal and help attract private investments of about $750 million for the Rewa project. It will also work with the Australian government on the transaction, it said.

"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 central government’s remarkable vision on solar power. The project will provide competitively-priced renewable power to state and central entities," said Mr. Rajendra Shukla, Minister of Energy, Mines, and Minerals, government of Madhya Pradesh. "IFC’s global expertise in PPPs, leadership in renewable energy, and convening power with investors, will help us implement this unique project."

The government of Madhya Pradesh has made 1300 hectares of land available for the project, which will be the largest single-site solar project in the world. It will be implemented by Rewa Ultra-Mega Solar Power Limited, a joint venture between Madhya Pradesh Urja Vika Nigam Limited (MPUVN) and the Solar Energy Corporation of India.