Rays Power Infra Limited Bags INR 1,912 Crore Order from One of India’s Maharatna PSUs

MUMBAI, India, Jan. 21, 2026 /PRNewswire/ — Rays Power Infra Limited is proud to announce the award of a 300 MW renewable energy (RE) project from one of India’s Maharatna public sector undertakings (PSUs). This project will add INR 1,912 crore to the company’s existing order book, which exceeds INR 8,000 crore. It will be developed under the company’s Co-Development Business Model, with the scope encompassing land acquisition, interstate transmission system (ISTS) connectivity, and complete engineering, procurement, and construction (EPC) execution. The project will be established in one of Rays Power’s upcoming renewable energy parks in Karnataka and is targeted for commissioning within the next three years.

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

Ketan Mehta, Managing Director, 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 in a fast and efficient manner. At Rays Power, we are committed to developing future-ready infrastructure to accelerate India’s renewable energy transition in partnership with the nation’s key central PSUs.”

Pawan Sharma, Whole Time Director, Rays Power Infra, 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 (DCR)-compliant modules, our team is committed to ensuring that this installation sets a new benchmark in reliability, performance, and timely commissioning.”

About Us:

We are engaged in providing utility-scale, end-to-end renewable energy solutions, with a focus on solar energy. We specialize in developing ‘ready-to-build’ infrastructure for renewable power projects under our Co-Development Business Model and delivering engineering, construction, and procurement services for renewable power projects under our EPC business. We are among the leading players in the Indian solar industry, with a demonstrated track record, and one of the pioneers of the Co-Development Business Model in India (Source: CRISIL Report).

In our Co-Development Business, our typical scope of work includes land aggregation, securing grid connectivity (both interstate and intrastate, as applicable), and assisting with approvals such as connectivity permissions, bay allocation, captive arrangements, and power purchase agreements (PPAs) tailored to our customers’ requirements in a separate special purpose vehicle (SPV). This is followed by transferring these SPVs to our customers and undertaking EPC and operations & maintenance (O&M) activities based on the contractual arrangements with them.

We currently have a diversified renewable energy portfolio of approximately 11,665 MWp, comprising solar, wind, and hybrid projects. As of July 31, 2025, we have a commissioned capacity of ~1,771 MWp. Additionally, we have a contracted capacity of 4,029.43 MWp, an under-development capacity of 3,565.00 MWp, and 2,300.00 MWp of capacity at advanced stages across 13 states and 1 union territory in India.

Rays Power Infra Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) and the stock exchanges. The DRHP is available on the websites of the Company at www.rayspowerinfra.com, SEBI at www.sebi.gov.in, the book running lead managers, Anand Rathi Advisors Limited at www.anandrathiib.com, Pantomath Capital Advisors Private Limited at www.pantomathgroup.com, and the stock exchange(s) at www.nseindia.com and www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP / Prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.

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