Rays Power Infra to Invest Rs 1700 cr to Develop Solar Projects in India

PC: Rays Power Infra

Rays Power Infra is set to invest over Rs 1700 crore to develop & construct accumulative of 450 MW solar projects under open access regulations across India

Rays Power Infra, a leading solar power company with its presence across India, is set to invest over Rs 1700 crore to develop and construct accumulative of 450 MW solar projects under open access regulations selling power to commercial and industrial consumers as part of its IPP business.

The projects are proposed to be located in the states of Uttar Pradesh, Haryana, Andhra Pradesh, and Karnataka where the projects are in advanced stages of development.

The firm, through its subsidiary, Rays Future Energy is working with private commercial and industrial consumers to offer them energy either directly by installing distributed solar solutions/ rooftop solutions or supply of electricity under open access-based models. Rays Future has identified more than 50 good rated off-takers for buying electricity from solar parks being developed by Rays Power.

“Rays Future is committed to the success of the national solar power mission and we understand that going solar is the solution. The energy landscape is changing fast in India and offering energy solutions to commercial & industrial consumers is becoming a prominent space. As a company we are well placed to offer clean energy solution to our consumers both off-grid and on-grid.” said Ketan Mehta, MD, Rays Power Infra.

The company has already started site activities on projects in the state of UP, Haryana and Karnataka and expects to bring these projects online in the next calendar year. All these projects shall operate under the group captive model with long term bilateral PPAs executed with commercial and industrial consumers.

The company in the past has successfully developed and executed over 200 MW of open access based projects selling electricity to off-takers like Metro Cash & Carry, Heidelberg Cement, Raymonds, Toyota Tsusho, Indo MIM, Essilor, etc.

Rays Power Infra is one of the largest solar developer and EPC management company in the country with over 1000 MW of solar power project in the development and construction phase across India. The company has also entered into the South East Asian market and recently commissioned a 50 MW solar power project in Vietnam.