Indore, Apr 28 (PTI) The Indore Municipal Corporation’s solar power plant is expected to reduce carbon dioxide emissions by approximately 1.46 lakh tons annually through this 60 MW renewable energy unit and reduce the monthly electricity bill incurred by the civic body for transporting Narmada river water.
A bulk of Rs 308 crore cost of the plant, spread over 211 acres in Khargone district, was raised through a public issue of green bonds, making it the country’s first renewable energy facility to be built with this type of financing.
Chief Minister Mohan Yadav will inaugurate the plant on Wednesday, officials said, adding that the project is established mainly on barren land.
Officials on Tuesday said Prime Minister Narendra Modi laid the foundation stone for the solar power project on December 25, 2023.
The IMC raised Rs 244 crore of the plant’s Rs 308 crore cost through a public issue of green bonds, making it the country’s first renewable energy facility to be built with this type of financing, officials added.
The civic body incurs a monthly electricity bill of approximately Rs 25 crore to transport Narmada river water from Jalud in Khargone district, 80 kilometres away, to Indore and supply it to households.
The solar power plant will reduce the power bill by approximately Rs 5 crore per month, officials said.
They said the plant’s operation will prevent approximately 1.46 lakh tons of carbon dioxide emissions annually. Notably, there will be no direct emissions during its operation.
Officials said the project is in line with India’s goals of 500 GW of non-fossil fuel-based power capacity by 2030 and net-zero emissions by 2070, and will also help reduce dependence on coal-fired power for essential public services.
The power plant is also expected to generate approximately 96 million units of electricity annually, with the estimated cost of around Rs 3.50 per unit, while grid electricity rates range from Rs 6 to Rs 9 per unit.
Officials said the IMC is expected to generate additional revenue through carbon credits generated from the plant’s operation. PTI HWP MAS NSK
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