Rays Power Infra has announced that it is set to capitalize over Rs 1700 crore to develop and construct accumulative of 450 MW solar projects under open access regulations selling power to commercial and industrial consumers as part of its IPP business.
The projects are planned to be located in the states of Uttar Pradesh, Haryana, Andhra Pradesh, and Karnataka where the projects are in advanced stages of development.
The firm, through its subsidiary, Rays Future Energy is working with private commercial and industrial consumers to offer them energy either directly by installing distributed solar solutions/ rooftop solutions or supply of electricity under open access-based models. Rays Future has acknowledged more than 50 good rated off-takers for buying electricity from solar parks being developed by Rays Power.
“Rays Future is committed to the success of the national solar power mission and we understand that going solar is the solution. The energy landscape is changing fast in India and offering energy solutions to commercial & industrial consumers is becoming a prominent space. As a company we are well placed to offer clean energy solution to our consumers both off-grid and on-grid.” said Ketan Mehta, MD, Rays Power Infra.
The company has by now started site activities on projects in the state of UP, Haryana and Karnataka and expects to bring these projects online in the next calendar year. All these projects shall operate under the group captive model with long term bilateral PPAs executed with commercial and industrial consumers.
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