GGGI to build 250 MW solar plant on Mumbai-Nagpur highway

South Korea-based Global Green Growth Institute (GGGI) is developing a 250 MW solar power plant along the 700 km Mumbai-Nagpur superhighway for the Maharashtra State Road Development Corporation (MSRDC). This solar project is expected to lay the foundation for future energy requirements and e-mobility along the highway. With rapid growth and increasing demand for solar energy, India is set to invest more in a cheap, reliable, and clean source of energy, particularly solar energy. The Indian government has set a goal of 100 gigawatt (GW) of solar power capacity installation by 2022, but it only installed 34 GW by mid-2020. In 2018, GGGI formalised a partnership with MSRDC to support the superhighway project. In the partnership, GGGI has provided technical assistance, investment due diligence and supported the debt structuring of the project. Based on GGGI's analysis, REC Ltd has sanctioned a loan of $110 million for the project. MSRDC has approved up to 25% of equity investment for the project. Currently, the project is under the power purchase agreement (PPA) discussions, and it will break ground in mid-2022. Gulshan Vashistha, Regional Technical Lead of GGGI for Asia and the Pacific, said it is the first renewable energy program aligned with a large road infrastructure project in India. GGGI has played a significant role by setting up the foundation for green e-mobility on the highway. Additionally, GGGI is preparing the technical and commercial studies, which include land assessment, grid study, social and environmental impact assessment, and detailed financial model for a convincing business case for the evolution of the project options. GGGI has secured finances for the solar project. The long-term impact of the project is expected to reduce the carbon dioxide emission by 10 million tonne (mt) from the 25-years project lifetime. This project will pave the way for MSRDC to plan for constructing charging stations on the superhighway. Image Source Also read: South Korea launches solar-powered bike lane in new highway Also read: IIIT Hyderabad designs end-to-end charging solution for e-scooters