Rewa Solar Project: Waaree’s Parent Firm to Develop MP Project

Mumbai-based Waaree Energies has taken over the development of a 170 MW solar power project from Rewa Ultra Mega Solar Limited (RUMSL) in Madhya Pradesh, the company said in a regulatory filing. It clarified that the project would not be developed by its subsidiary as announced earlier.

The latest announcement was in continuation of its earlier order received on December 11, 2024, by Waaree Forever Energies Private Limited (WFEL), a subsidiary of Waaree Energies Limited. Under the order, the company received a Letter of Award (LoA) from RUMSL for the development of the 170 MW solar power plant in Madhya Pradesh.

In a recent announcement, Waaree said the execution of the project would now be undertaken by the parent company. “Waaree Energies Limited has signed and executed the Power Purchase Agreement (PPA) with RUMSL and M.P. Power Management Company Limited (MPPMCL) for the supply of 150 MW solar power to MPPMCL,” it added. The project will enable the generation and transmission of clean renewable energy via the Inter-State Transmission System (ISTS), MPPMCL, and Indian Railways.

About REWA Project

Prime Minister Narendra Modi on July 10, 2020, initiated the 750 MW Rewa Solar Project in Madhya Pradesh. The project consists of three solar generating units of 250 MW each, spread across a 500-hectare area within a 1,500-hectare Solar Park. The solar park was developed by Rewa Ultra Mega Solar Limited (RUMSL), a joint venture between Madhya Pradesh Urja Vikas Nigam Limited (MPUVN) and the Solar Energy Corporation of India (SECI), a central public sector undertaking. RUMSL received ₹138 crore in Central Financial Assistance for developing the park.

Following its development, RUMSL selected Mahindra Renewables Private Ltd., ACME Jaipur Solar Power Private Ltd., and Arinsun Clean Energy Private Ltd. through a reverse auction to develop the three 250 MW units. The Rewa Solar Project became one of the first projects in India to achieve grid parity, marking a breakthrough in solar pricing. While solar tariffs in early 2017 averaged around ₹4.50 per unit, the Rewa project achieved a first-year tariff of ₹2.97 per unit, with an annual escalation of ₹0.05 per unit over 15 years. This resulted in a levelized tariff of ₹3.30 per unit over a 25-year term.