Rays Power and Hilliard Energy collaborates for 150MW Solar Power Project in Telangana

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Rays Power Infra announces a strategic alliance with Hilliard Energy to establish a 150 MW solar power project, for an investment of USD 130 million (about Rs 870 crore).

"The company's subsidiary Shining Sun Power has signed a 150-MW project development term sheet with power producer Hilliard Energy, a company incorporated and registered under the laws of Mauritius. Both partners will jointly develop 150 MW of solar power project with a total investment of USD 130 million," report states.

To commence the first phase, a 10-MW solar project is expected to be commissioned in April at Kalwakurthy in Telangana and the power generated will be sold to the state's discoms at a fixed tariff of Rs 6.55 per unit for 25 years.

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"We are very excited about this new partnership which merges the fund-raising skills of Hilliard Energy with the execution capabilities of our company. We would like to achieve a target of 150 MW in the next 12 months," Rays Power Director Ketan Mehta said.

Hilliard Energy Director Brent Hilliard said, "This is an exciting opportunity to invest in high-quality solar projects that are fully contracted for the next 25 years. These projects have a good solar resource, making these them extremely reliable for many years to come.