Rays Power infra has an integrated solar portfolio, how has this has helped Rays Power in its growth?
The journey of Rays Power Infra’s solar portfolio is exactly the reason behind the growth of the organization. Started as a consulting firm, we gained our share of experience there to be able to establish ourselves as leading solar power developer and EPC Company. The bottom up growth for the company starting as consultant and eventually turning into an EPC player has led us to understand the risk mitigation strategies for us to establish ourselves as a Developer. Thus developing an integrated solar portfolio, there is still a lot of understanding and learning involved at each step and that is helping us get ready for our future expansions.
Rays Power plans to set 450 MW of green energy projects in four major states of the country. Let’s talk more about the plan?
This 450 MW plan is under the open access business of Rays Power Infra where we have planned installations in Haryana, Uttar Pradesh, Andhra Pradesh and Karnataka. These projects would be commissioned and delivered starting mid 2020 going upto the 1st quarter of 2021 requiring investment of a little over INR 1700 Cr.
What has been the highlight of Year 2019 for you? What are the future plans for the coming year?
2019 had a major highlight where we installed and commissioned our first ever international project of 50MW in Phu Yen district of Vietnam and this marks our international business expansion. We managed to secure sanctions for installation of the above said 450 MW across four states of India and these projects are under open access model selling power to industrial and commercial consumers under by lateral PPAs. Also in an environment where project financing has been challenging due to liquidity constraints for the industry, we were able to commission and deliver 106MW of capacity in Tamil Nadu and 47MW of capacity in the state of Karnataka. All of these have put us nearing a 1GW of capacity delivered by Rays which is significant growth for the company and the team.
We continue to be an opportunistic player identifying right opportunities between utility and C&I segments and will continue to develop assets within India. In other geographies we will continue to do EPC in select markets backing our strength and selectively will initiate development in the Asian and Australian markets.
Which area of the Solar sector needs priority attention in the development of solar sector?
The state regulatory area needs to be more robust and in line with the industry and centre’s push towards making India energy requirements met through renewable sources, the financing community has had a bitter experience with state utilities not honouring the PPA’s and needs to be addressed immediately to revive lending to the sector.
Can you share any case study of an interesting project undertaken by Rays Power Infra?
The Europlast 50 MW Solar PV Project was one of the very first utility-scale solar PV projects in Vietnam that demonstrated the feasibility of the technology in Phu Yen region. Vietnam added 4.45 GW of new solar PV capacity from June 2018 to June 2019. Central to the growth of the solar PV industry in Vietnam was the announcement in 2017 that projects commissioned before the end of June 2019 would qualify for a 20year FIT contract of US$0.0935/kilowatt hour (kWh), leading to a rush to get projects off the ground.
The plant consists of 150381 Mon crystalline 335 MWp modules, 13 central inverters and a fixed GI mounting structure with Ramming. This plant is one of the State of Art technology of excellence of Rays Power Infra.
Construction started in September 2019 and was completed in June of the same year even after a lot of land acquisition challenges which hindered the project for almost 2 to 3 month. The plant was officially inaugurated on 30.06.2019. It’s running successfully with 81% PR.