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Rays Power Infra Wins Rs 19.12 Bn Renewable Energy Project

2026-01-21

Rays Power Infra has secured a 300 MW renewable energy project valued at Rs 19.12 billion from a state-owned company, strengthening its position in India’s utility-scale clean energy sector. With this latest order, the company’s total order book has crossed Rs 80 billion.

The project will be executed under Rays Power Infra’s co-development business model. Under this framework, the company will undertake land acquisition, secure interstate transmission system (ISTS) connectivity and carry out complete engineering, procurement and construction (EPC) works. The project is planned to be developed in one of the company’s upcoming renewable energy parks in Karnataka and is targeted for commissioning within the next three years.

According to the company, solar modules for the project will be assembled using cells sourced from its upcoming solar cell manufacturing facility in Madhya Pradesh. The facility is being developed through its subsidiary, Rays Green Energy, and is expected to strengthen backward integration while supporting domestic manufacturing under India’s renewable energy push.

Rays Power Infra provides utility-scale renewable energy solutions, primarily focused on solar power, and operates through both co-development and EPC business models. Under the co-development approach, the company aggregates land, secures grid connectivity—interstate or intrastate as required—and assists with approvals such as connectivity permissions, bay allocation, captive arrangements and power purchase agreements (PPAs). These projects are housed in special purpose vehicles (SPVs), which are later transferred to customers, followed by EPC execution and operations and maintenance (O&M) services as per contractual terms.

The company currently has a diversified renewable energy portfolio of around 11,665 MWp, spanning solar, wind and hybrid projects. As of July 31, 2025, Rays Power Infra had commissioned 1,771 MWp, with 4,029.43 MWp under contract, 3,565 MWp under development and about 2,300 MWp at advanced stages of development across 13 states and one Union Territory.

Rays Power Infra has also filed a draft red herring prospectus with the Securities and Exchange Board of India for a proposed initial public offering, subject to regulatory approvals and market conditions.

News source: PV Magazine

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