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Rays Power Infra has announced that it has bagged 37 megawatt (MW) solar EPC projects worth Rs 240 crore in Telangana and Karnataka.
Of the total 37 MW, 5 MW will be set up in Karnataka for a Gujarat-based organisation at a competitive price of Rs 7.10 per unit. The remaining 32 MW will be implemented in Telangana.
Of this, 10 MW was won by Rays Power Infra as an IPP (Independent Power Producer) and the rest 22 MW will be implemented on behalf of three different organisations namely a food processing company, a jewellery brand and a reputed production house at an average PPA price of Rs 6.60 per unit.
The average Power Purchase Agreement (PPA) is pegged at Rs 6.70 per unit.
Sanjay Gupta, Director, Rays Power Infra, in a statement said, “Rays Power Infra has emerged as one of the successful bidders and with our expertise in the solar power sector, we look forward to tap newer opportunities in the power business and enhance our business portfolio. IPPs are playing a vital role in achieving goals.”
With these orders, the company expects to strengthen its hold in Telangana and Karnataka in the southern market.
“The Ministry of New and Renewable Energy (MNRE) scaled-up the Jawharlal Nehru National Solar Mission (JNNSM) target to 100 GW. These are exciting times for the sector and we hope to make India a power surplus country by 2022,” he added.
Rays Power Infra, a solar power service provider, was started as a brainchild of IIT Roorkee professors and students.
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