February 3, 2014: Rays power Infra Pvt Ltd, one of the biggest solar engineering, procurement and construction (EPC) companies in India, today,announced bagging of 37MW solar EPC projects worth Rs 2.4 billion in the states of Telangana and Karnataka. The company has won solar capacity projects at an average power purchase agreement (PPA) price of Rs 6.7 per unit.
Out of the total 37MW won by Rays Power Infra, 5MW will be set up in Karnataka for a Gujarat-based organisation at a competitive price of Rs 7.1 per unit. The remaining 32MW will be implemented in Telangana. Of which, 10MW was won by the Rays Power Infra as an Independent Power Producer (IPP) and the rest 22MW will be implemented on behalf of three different organisations that includes a food processing company, a jewellery brand and a reputed production house at an average PPA price of Rs 6.6 per unit.
Commenting on this, Sanjay Gupta, director, Rays Power Infra Pvt Ltd said, “We are proud to have bagged projects in Telangana and Karnataka which strengthens our foothold in Southern market. Rays power Infra has emerged as one of the successful bidders and with our expertise in the Solar power sector, we aim to deliver with quality standards. We look forward to tap newer opportunities in the power business and thereby, further enhance our business portfolio. IPPs are playing a vital role in achieving goals of the Ministry of New and Renewable Energy (MNRE), with special regard to the JNNSM target of 100 GW within ten years.”
“The renewable energy sector has received the much needed boost by the government and the decision makers. The Ministry of New and Renewable Energy (MNRE) scaled-up the Jawaharlal Nehru National Solar Mission (JNNSM) targets to 100GW.These are exciting times for the sector and we hope to make India a power surplus country by 2022”, he added.
