Rays Power Infra to invest Rs 1,700 cr to set up 450 MW renewable projects

Solar power developer Rays Power Infra will invest Rs 1,700 crore to set up 450 MW of green energy projects in four major states of the country, a top company official has said.

The company will be selling the energy generated to private and industrial consumers in the states of Uttar Pradesh, Haryana, Karnataka and Andhra Pradesh, Rays Power Infra Managing Director Ketan Mehta said.

"We will be investing an amount of Rs 1,700 crore to develop and construct 450 MW solar projects under open access regulations... The projects will be spread across Haryana, UP, Karnataka and Andhra Pradesh," he said.

On the timeine of the projects, he said the company has already started site activities of projects and expects to bring these projects online next year.

"All projects would operate under the group captive model with long-term bilateral power purchase agreements (PPAs) executed with commercial and industrial consumers. Rays Future Energy, a subsidiary of the company, has identified more than 50 good rated offtakers for buying electricity in all states except Andra Pradesh," Mehta said.

In Andhra Pradesh, where Rays Power will set up a 150-MW project, he said, the company is already in process of signing PPAs with stakeholders.

Rays Power Infra is among the largest solar developer and EPC management company with over 1,000 MW of solar power project development and construction across India.

The company recently commissioned a 50 MW solar power project in Vietnam.