South Korea-headquartered Global Green Growth Institute (GGGI) is supporting the development of a 250 MW solar PV plant for Maharashtra State Road Development Corporation (MSRDC) along a 700 km superhighway connecting Mumbai with Nagpur. The project will wheel renewable energy for all future e-mobility requirement of the highway.
GGGI is a treaty-based inter-governmental organization that promotes sustainable economic growth in developing nations.
In 2018, GGGI entered a partnership with MSRDC to support the superhighway project. In the collaboration, GGGI has provided technical assistance, investment due diligence, and supported debt structuring for the project.
Based on GGGI analysis, REC Limited has sanctioned around US$110-million loan for the project. The MSRDC board has approved up to 25% of equity investment for the project. The project is currently under power purchase agreement discussions and will likely break ground in mid-2022.
“This is the first renewable energy program that is aligned with a large road infrastructure project in India. GGGI has played a significant role in setting the foundation and paving the way for future green e-mobility infrastructure on the highway,” said Gulshan Vashistha, GGGI’s Regional Technical Lead for Asia and the Pacific.
Additionally, GGGI led the preparation of the technical and commercial studies, including the land assessment, grid study, environmental and social impact assessments, and detailed financial model that demonstrated a convincing business case for evaluating solar PV options. Beyond the design stage, GGGI’s contribution was crucial to get access to finance for the project.
The project is expected to help avoid CO2 emissions by 10 million tons during its 25‐year lifetime and create approximately 200 green jobs. It will pave the path for MSRDC’s additional plan to construct charging stations on the superhighway.
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