Lowest ever tariff using India made solar panels was discovered in auction on 06th December 2024 for 170 MW Neemuch Solar Park.
The endearing tariffs indicate that investors’ interests are positive towards investment in Madhya Pradesh.
Rewa Ultra Mega Solar Limited (RUMSL) approach to optimize the project risk, to offer a true plug-and-play project, involves meticulous planning, robust risk mitigation strategies, streamlined approvals, pre-development of necessary infrastructure, and the provision of ready-to-use land with clearances, making it highly attractive to investors
In a landmark development for India’s renewable energy sector, the Neemuch Solar Project in Madhya Pradesh has achieved a record-low tariff of ?2.15 per unit, marking a significant step toward sustainable energy. The project aligns with India’s commitment to the "Panchamrit" strategy outlined during COP 24, underlining the nation’s resolve to combat climate change.
The Chief Minister of Madhya Pradesh, Shri Mohan Yadav, emphasized the state’s leadership in clean energy, stating that addressing climate change is a shared responsibility of all states, not just the central government. “Solar energy is at the heart of our economy today, reducing energy costs for industries and making life easier for farmers with affordable power,” he said.
Madhya Pradesh: A Renewable Energy Leader
Madhya Pradesh has made remarkable strides in renewable energy, increasing its capacity by more than 14 times in the last 12 years to reach nearly 7,000 MW, which now constitutes 21% of the state’s total energy capacity.
The state has been at the forefront of solar innovations, starting with the Rewa Solar Project, which delivered electricity at rates cheaper than coal-based power. This project also powers the Delhi Metro, showcasing its national significance. Building on this success, the Agar-Shajapur-Neemuch projects now supply electricity to Indian Railways and seven other states, including Maharashtra, Gujarat, and Uttar Pradesh.
In October 2024, Madhya Pradesh commissioned the 278 MW Omkareshwar Floating Solar Project, the world’s largest floating solar installation, further cementing its position as a leader in renewable energy.
Record-Breaking Tariff
The tender for Unit 3 (170 MW) of the Neemuch Solar Project concluded on December 6, 2024, through an e-reverse auction, securing the lowest tariff of ?2.15 per unit. This rate is 33 paise lower than SECI's best tariff of ?2.48 per unit and the lowest in the country since the imposition of the ALMM regulation on April 1, 2024.
