Rays Power Infra secures Rs 1,912 crore 300 MW renewable project

Rays Power Infra Ltd has won a 300 MW renewable energy project valued at Rs 1,912 crore from a state-owned entity. The award increases the company’s total order book to over Rs 8,000 crore, as it moves ahead with preparations for a potential public listing.

The project will be developed at an upcoming renewable energy park in Karnataka and is scheduled for completion within three years. It will be implemented under the company’s co-development model. Under this approach, Rays Power Infra Ltd is responsible for land acquisition, securing interstate grid connectivity, and delivering engineering, procurement, and construction services through a dedicated project vehicle. Engineering, procurement, and construction will hereafter be referred to as EPC.

The project will use solar modules assembled with cells sourced from the company’s own manufacturing chain. These cells will be produced at a new facility in Madhya Pradesh that is being developed by the company’s subsidiary, Rays Green Energy.

Rays Power Infra Ltd’s total portfolio is reported at around 11,665 MWp across solar, wind, and hybrid projects. As of 31 July 2025, the company had commissioned 1,771 MWp, with an additional 9,894 MWp under various stages of development and contract across 13 states and one union territory.

Alongside the project award, the company has initiated steps toward an initial public offering. Rays Power Infra Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI), subject to regulatory approvals and prevailing market conditions. The company recently commissioned a 112.5 MW AC solar project under SECI-3.

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