Rays Power Infra Secures 300 MW Renewable Energy Project from Maharatna PSU Worth INR 1,912 Crore

Rays Power Infra Limited has announced the award of a 300 MW renewable energy (RE) project from one of India’s Maharatna public sector undertakings (PSUs), adding INR 1,912 crore to its existing order book, which currently exceeds INR 8,000 crore.

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

The solar modules for the project will be manufactured using cells sourced from Rays Power’s upcoming cell manufacturing facility under its subsidiary, Rays Green Energy, currently under construction in Madhya Pradesh.

Ketan Mehta, Managing Director of Rays Power Infra, said, “This project will set a new industry benchmark for how renewable power developers and central PSUs can collaborate to deliver large-scale renewable projects efficiently. At Rays Power, we are committed to developing future-ready infrastructure to accelerate India’s renewable energy transition in partnership with the nation’s central PSUs.”

Pawan Sharma, Whole Time Director, added, “This project reflects our ability to combine advanced engineering, end-to-end project development expertise, and execution capabilities. From land development and ISTS connectivity to EPC delivery and deployment of domestic content requirement-compliant modules, our team is committed to ensuring that this installation sets a new benchmark in reliability, performance, and timely commissioning.”

Rays Power Infra specializes in utility-scale renewable energy solutions, including solar, wind, and hybrid projects, and is a pioneer of the Co-Development Business Model in India. The company currently has a diversified portfolio of approximately 11,665 MWp, with a commissioned capacity of around 1,771 MWp, a contracted capacity of 4,029 MWp, under-development capacity of 3,565 MWp, and 2,300 MWp at advanced stages across 13 states and one union territory.

The company is also preparing for an initial public offering (IPO) of its equity shares, having filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges. The DRHP is available on the company’s website and SEBI portals.

This project further positions Rays Power Infra as a key player in India’s renewable energy transition, supporting the country’s goals for clean energy expansion and domestic solar manufacturing.