Rays Power Infra Ltd has secured a 300 MW renewable energy project worth INR 1,912 crore from a state-owned company. Following this award, the company’s total order book stands at over INR 8,000 crore.
The project will be executed under Rays Power Infra’s co-development business model. The company’s scope of work includes land acquisition, securing interstate transmission system (ISTS) connectivity, and complete engineering, procurement, and construction (EPC) execution.
The project will be established in one of Rays Power’s upcoming renewable energy parks in Karnataka and is targeted for commissioning within the next three years.
Solar modules used in the project will be assembled using cells sourced from Rays Power Infra’s upcoming solar cell manufacturing facility being developed through its subsidiary, Rays Green Energy, in Madhya Pradesh.
Rays Power Infra provides utility-scale renewable energy solutions, with a primary focus on solar power. The company operates through co-development and EPC business models.
Under the co-development model, the company’s scope includes land aggregation, securing grid connectivity (both interstate and intrastate, as applicable), and assisting with approvals such as connectivity permissions, bay allocation, captive arrangements, and power purchase agreements (PPAs) tailored to its customers’ requirements in a separate special purpose vehicle (SPV). This is followed by transferring the SPVs to its customers and undertaking EPC and operations & maintenance (O&M) activities based on the contractual arrangements with them.
Rays Power currently has a diversified renewable energy portfolio of approximately 11,665 MWp, comprising solar, wind, and hybrid projects. As of July 31, 2025, it has commissioned 1,771 MWp, with 4,029.43 MWp under contract, 3,565 MWp under development, and 2,300 MWp at advanced stages of development across 13 states and one union territory.
Rays Power Infra Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in connection with a proposed initial public offering, subject to regulatory approvals and market conditions.
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