Indore civic body's green bond-funded solar power plant inaugurated

Madhya Pradesh Chief Minister Mohan Yadav on Wednesday inaugurated the Indore Municipal Corporation's (IMC) 60-megawatt solar power plant, noting that it is the first renewable energy project funded by green bonds in the country. The project is spread over 211 acres of mostly barren land in Khargone district. ''This plant will significantly reduce the IMC's electricity bill and also reduce carbon emissions. This will benefit the environment,'' the CM said, adding that the plant will inspire other urban bodies in the country. Officials said that IMC raised Rs 244 crore through green bonds issued as a public issue for the solar power project costing Rs 271.16 crore. It is the first renewable energy unit in the country to be financed through the public participation model, they added. The project will also generate over Rs 18 crore for the IMC through carbon credits. According to officials, the IMC pays about Rs 25 crore in electricity charges every month to bring water of the Narmada river from Jalud in Khargone district, 80 kilometers away, to Indore and supply it to households. The solar power plant will reduce the electricity bill by approximately Rs 5 crore every month, they said. It will also prevent 1.46 lakh tons of carbon dioxide emissions annually, and there will be no direct emissions during its operation. It is expected to generate approximately 9.60 crore units of electricity annually. It is estimated that the cost of this electricity will be Rs 3.50 per unit, while that of the grid electricity ranges from Rs 6 to Rs 9 per unit, officials said.

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