The Karnataka government on Thursday inaugurated the world's largest solar park at Pavagada in Karnataka's Tumakuru district, about 180km from Bengaluru.

The solar park, being touted as 'eighth wonder of the world', is being constructed with investments of Rs 16,500 crore. The park, named as 'Shakti Sthala', spans across 13,000 acres spread over five villages.

The park's development is anchored by the Karnataka Solar Power Development Corp. Ltd (KSPDCL), an entity formed in March 2015 as a joint venture between Karnataka Renewable Energy Development Ltd (KREDL) and Solar Energy Corp. of India (SECI).

The project has been executed within a record time of two years, with zero land acquisition, Siddaramaiah said.

Moreover, the farmers who have leased out their land are reaping greater benefits with Rs 21,000 per acre being offered as rental, an amount which has the scope to grow by five per cent every two years, he said. The beneficiaries of this project were 2,300 Pavagada farmers, he said. 

The chief minister said Karnataka has emerged as the third largest producer of renewable energy in the nation.

The park will create employment and act as an incentive for natives and farmers to explore new opportunities of socio-economic growth in the region, state Energy Minister D K Shivakumar said.