Rays Power signs pact with Tangedco to sell solar power at Rs 3.47 per unit

Rays Power Infra, a solar energy company started by professors and students of the Indian Institute of Technology (IIT) Roorkee, has signed a power-purchase agreement (PPA) with Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) to sell 100 Mw of solar power at Rs 3.47 per unit.

This is part of the 15,000-Mw, Rs 11,369-crore inter-state power corridor in Tamil Nadu promoted by the Centre and expected to be ready by May 2019. The project will be connected to a 400 kV substation to ensure there are no grid outages.

Rays Power Infra Chief Executive Officer Ketan Mehta said Tamil Nadu is