A wind, solar and energy storage plant is planned for the state of Andhra Pradesh in south-eastern India, which has experienced power supply problems in recent months due to an outage from the electrical network.
The renewable energy facility will include 120 megawatts of solar power, 40 megawatts of wind power, 20 to 40 megawatt hours of battery backup and will span 1,000 acres in the Anantapur district.
The facility will be the largest in the world once commissioned. The developers plan to bid on the new plant by March of next year.
The estimated $ 155 million project was jointly developed by Solar Energy Corporation of India, Andhra Pradesh’s Renewable Energy Agency, NREDCAP and Andhra Pradesh Transco.
The plant will receive funding through a loan from the World Bank, which this week announced it would stop funding oil and gas projects to help the world switch to cleaner energy sources.
The fact that the World Bank agreed to finance the project means that the rates would likely be extremely competitive, even with existing thermal power plants in the country. The World Bank had offered financing for a 750 megawatt solar power park in Madhya Pradesh state earlier this year. The auction for this solar park broke the record for the lowest solar energy rate in the country at the time.
India has received many ambitious offers from around the world to build and operate the next renewable energy facilities, highlighting the country’s success in expanding its low-cost clean energy portfolio.
Energy Minister Piyush Goyal, who has set ambitious renewable energy goals, said the record bids signal a “green future” for India.