Rays Power bags Rs 700 cr solar EPC contract from Essel Group

Rajasthan-based solar EPC firm Rays Power Infra today said it has bagged Rs 700 crore worth contract from Essel Group to set up a total of 86.5 MW of solar power plants in Punjab and Uttar Pradesh.
The EPC (engineering, procurement and construction) company has been awarded the contract to set up 31.5 MW solar plant in Punjab and 55 MW in Uttar Pradesh, on turnkey basis.
The investment outlay for both these projects, which are scheduled to be operational by April next year, is around Rs 700 crore.
"We have ramped up our in-house capabilities to execute up to one MW every day in order to meet the timelines. We will erect three lakh solar panels on an area of 400 acres in about 100 days. These are exciting times for the sector and we hope to make India a power surplus country by 2022," company's Director Ketan Mehta said.

The power generated from these plants will be sold to respective state distribution companies at Rs 8.5 per unit, the release said.
"We are confident that the team at Rays Power would be able to deliver quality service within the stipulated timeframe. The project is in line with the new government's mission to ramp up solar power capacity five-fold to 100 GW by 2022," Essel Infra, Head (Procurement), Harshad Joshi said.