Rays Power Infra to Invest Over Rs 17 Billion to Develop Solar Projects in India

September 2019
Rays Power Infra to Invest Over Rs 17 Billion to Develop Solar Projects in India

Country’s leading solar power player, Rays Power Infra Pvt Ltd is set to invest an amount of over Rs 17 billion to develop and construct nearly 450MW solar projects under open access regulations. The company will sell the electricity generated to commercial and industrial consumers as part of its Independent Power Producer (IPP) business. The projects that are in advanced stages of development, are proposed to be located in the states of Uttar Pradesh, Haryana, Andhra Pradesh and Karnataka. “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 and 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, Managing Director, Rays Power Infra. Rays power Infra 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.

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 Power Purchase Agreements (PPA)s 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 Engineering Procurement Construction (EPC) Management Company with over 1000 MW of solar power project development and construction across India. The company has also entered into the South East Asian market and recently commissioned a 50 MW solar power project in Vietnam. Rays also plans to enter into electric vehicle (EV) space with B2B services.

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