Global Green Growth Institute (GGGI), based in South Korea-based is planning to develop a 250 MW solar plant for the Maharashtra State Road Development Corporation (MSRDC) in India. This project will be located along a 700 km superhighway connecting Mumbai with Nagpur. The project is expected to help curb 10 million tons of carbon dioxide emissions over 25 years. GGGI is supporting the project by facilitating the design and debt availability for the project. GGGI has led the preparation of technical and commercial studies, including land assessments, grid studies, environmental and social impact assessments, and detailed financial models.
In September 2020, MSRDC has incorporated a company named ‘Mahasamruddhi Renewable Energy Limited’ for the implementation of the project. MSRDC is planning to issue an EPC tender and implement the project. This project is expected to provide green energy for the roadway’s future e-mobility requirements, which involve MSRDC’s plan to construct charging stations on the highway.
GGGI is a treaty-based intergovernmental organization that promotes sustainable economic growth in developing nations. In 2018, it entered into a partnership with MSRDC to support the Indian highway project. GGGI has provided technical assistance, investment due diligence, and debt structuring for the project. In India, GGGI has so far engaged with several government counterparts, implementing partners and resource partners in areas of sustainable energy, improved urban waste management, climate resilient livelihoods, low-cost rural green housing, sustainable landscapes management and Sustainable Development Goals.