Rays Power Infra Bags ₹1,912 Crore Order from Maharatna PSU

Rays Power Infra Limited has announced the award of a 300 MW renewable energy project from one of India’s Maharatna public sector undertakings (PSUs). The project will add ₹1,912 crore to the company’s existing order book, which already exceeds ₹8,000 crore.

The project will be executed under the company’s Co-Development Business Model. The scope of work includes land acquisition, interstate transmission system (ISTS) connectivity, and end-to-end engineering, procurement, and construction (EPC) execution. The project will be developed at one of Rays Power’s upcoming renewable energy parks in Karnataka and is targeted for commissioning within the next three years.

Solar Cells From Rays Power

The project will deploy solar modules manufactured using cells sourced from Rays Power’s upcoming solar cell manufacturing facility being developed by its subsidiary, Rays Green Energy, in Madhya Pradesh. The facility is currently under construction.

Commenting on the development, Ketan Mehta, Managing Director, Rays Power Infra, said the project would set a new benchmark for collaboration between renewable energy developers and central PSUs. “This project demonstrates how large-scale renewable projects can be delivered quickly and efficiently through strong partnerships. At Rays Power, we remain committed to building future-ready infrastructure to support India’s clean energy transition,” he said.

Pawan Sharma, Whole-Time Director, Rays Power Infra, added that the order reflects the company’s end-to-end execution capabilities. “From land development and ISTS connectivity to EPC execution and the deployment of domestic content requirement (DCR)-compliant modules, our team is focused on delivering a project that sets new standards for reliability, performance, and timely commissioning,” he said.

About Rays Power Infra

Rays Power Infra Limited provides utility-scale, end-to-end renewable energy solutions, with a primary focus on solar power. The company specialises in developing ready-to-build infrastructure under its Co-Development Business Model and delivering EPC services for renewable energy projects. It is among the leading players in India’s solar sector and is recognised as one of the pioneers of the Co-Development Business Model in the country, according to a CRISIL report.

Under the Co-Development model, the company’s scope typically includes land aggregation, securing grid connectivity (interstate and intrastate), and facilitating approvals such as connectivity permissions, bay allocation, captive arrangements, and power purchase agreements (PPAs) through dedicated special purpose vehicles (SPVs). These SPVs are subsequently transferred to customers, following which Rays Power Infra undertakes EPC and operations and maintenance (O&M) activities as per contractual arrangements.

IPO Soon

Rays Power Infra Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges in connection with a proposed initial public offering (IPO), subject to market conditions and regulatory approvals. 

The company currently has a diversified renewable energy portfolio of around 11,665 MWp, comprising solar, wind, and hybrid projects. As of July 31, 2025, it had a commissioned capacity of approximately 1,771 MWp, contracted capacity of 4,029.43 MWp, under-development capacity of 3,565 MWp, and 2,300 MWp at advanced stages across 13 states and one Union Territory in India.