According to a press release, the IFC will provide guidance on a large solar power park in the state of Uttar Pradesh. The park is being developed by TUSCO — a joint venture company between hydropower generation company THDC India and Uttar Pradesh New & Renewable Energy Development Agency.
THDC India is looking to set up solar parks of 2 gigawatts of capacity, including this 600-megawatt park. The solar park will be developed under central government’s Ultra Mega Renewable Energy Power Park scheme. As part of this scheme, the Ministry of New and Renewable Energy offers capital support for development of infrastructure at solar parks.
TUSCO will receive support of up to Rs 2 million ($26,800) per megawatt to develop power transmission and other support infrastructure at the solar park.
The proposed solar power park will contribute to the Government of India’s clean energy program to achieve 450 GW of renewable energy installed capacity by 2030. Until last year, the government had approved solar parks of 26.5 gigawatts in capacity. Nine solar power parks with 14.6 gigawatts of capacity were fully or partially operational. According to the think-tank Institute for Energy Economics and Financial Analysis (IEEFA), the 40 gigawatt solar power park scheme represents a $500–700 billion investment opportunity.