Rewa Ultra Mega Solar
The first Indian solar project to sell inter-state to Delhi Metro; its three-unit EPC structure and payment-security mechanism became the national template.
Footage · World Bank Group · YouTube
750 MW
Total capacity
Three units of 250 MW each
approx. Rs 2.97/kWh
Levelized tariff
Record low at time of bidding
approx. 1,500 hectares
Land footprint
Aggregated wasteland in Gurh tehsil
approx. 24%
DMRC offtake share
First inter-state sale to a metro utility
approx. Rs 4,500 crore
Estimated investment
Across all three EPC packages
2018–2019
Commissioning span
Phased unit-wise energization
2015
Rewa Ultra Mega Solar Ltd formed as a JV between the state renewable agency and SECI to develop a dedicated solar park in Gurh, Rewa.
2017
Competitive auction concluded at approx. Rs 2.97/kWh levelized tariff, then a record low; three 250 MW EPC packages awarded to separate developers.
2018
First 250 MW unit commissioned; power supply agreements signed with Delhi Metro Rail Corporation and Madhya Pradesh discoms.
2019
All three units reach full 750 MW capacity, making it one of Asia's largest single-site solar parks at the time.
2020
World Bank Group cites the project's payment-security and land-aggregation model as a template for future Indian solar parks.
Rewa Ultra Mega Solar was India's first project to sell power across state lines to a non-discom buyer (Delhi Metro) while proving that a solar park with a payment-security mechanism could unlock record-low tariffs. For developers it demonstrated bundled multi-unit EPC bidding at scale; for lenders it showed a replicable de-risking structure against discom payment delays; for utilities and PPP planners it became the reference model MNRE and SECI later mirrored nationwide.
The Rewa payment-security and multi-unit EPC structure now informs SECI and state UMSP tenders, park-based ISTS waiver eligibility, and PPA/PSA drafting for corporate open-access sales. Lenders assessing new solar or hybrid tenders routinely benchmark payment-security fund design, land-aggregation certainty, and inter-state offtake diversification against the Rewa precedent when underwriting debt.
Engineering, procurement and finance lessons
01
Bundle capacity, not risk
Splitting 750 MW into three independently bid 250 MW EPC packages let mid-sized developers compete, diversified execution risk, and avoided single-contractor dependency—an approach later adopted in other state UMSP tenders.
02
Payment security de-risks discom offtake
A dedicated payment security fund, partly backed by state and multilateral support, cushioned developers against discom payment delays, materially improving lender comfort and lowering the cost of debt for the project.
03
Cross-border corporate sale expands revenue base
Structuring a portion of output for direct inter-state sale to a corporate/utility buyer like Delhi Metro reduced reliance on a single discom and validated open-access solar sales as bankable.
04
Solar-park land aggregation shortens timelines
Pre-acquired, single-window land and evacuation infrastructure under one park authority cut developer-side land risk and accelerated financial closure compared to standalone project-by-project land sourcing.
05
Tariff discovery needs bankability guardrails
Record-low tariffs were sustainable only because bid design paired aggressive pricing with strong payment security and land certainty—an aggressive tariff alone without these guardrails risks stalled or distressed assets.
Sources · Ministry of New and Renewable Energy (MNRE) · Solar Energy Corporation of India (SECI) · World Bank Group · Mercom India · PV Magazine India
- Structuring multi-unit EPC tenders and payment-security mechanisms to improve bankability for lenders and developers.
- Advising discoms and corporate buyers on inter-state open-access PPAs modeled on the Rewa-DMRC precedent.
- Supporting land aggregation, ISTS/grid connectivity planning, and PPP structuring for new solar and storage parks.