Rays Power Infra develops, builds and operates large-scale solar, wind and hybrid renewable energy parks while also acting as turnkey EPC contractor for third-party projects. Its platform totals 12 GW, of which 2 GW are operational, 2.5 GW are under construction and another 7.5 GW are in various stages of development; the company has already secured Letters of Intent for 1.6 GW of 25-year PPAs. Rays typically partners with major offtakers such as NTPC, NHPC, Indian Railways and is now bidding to supply Amazon, Google and data-centre operators. Management is focused on delivering round-the-clock renewable energy by combining solar, wind, storage and hybrid configurations. The company plans an IPO targeting up to ₹1,150 crore in January to fund further growth. Incoming project-level capital, such as the latest A.P. Moller investment, converts into large EPC contracts that bolster the parent’s revenue pipeline. Overall, Rays positions itself as an integrated developer capable of end-to-end execution and long-term asset ownership.

Total raised

$172M

Funding rounds

3

Latest round

Equity

Latest activity

Dec 2025