What Rays Power Infra does

Rays Power Infra Limited is an integrated solar energy company founded in 2011 and headquartered in Jaipur, India, with operations spanning project development, Engineering Procurement and Construction (EPC), Independent Power Production (IPP), and long-term Operation & Maintenance (O&M). The company serves central and state government entities, Public Sector Undertakings (PSUs), municipal corporations, and large industrial enterprises, with a cumulative commissioned portfolio of approximately 2.4 GWp as of March 31, 2026 and a diversified pipeline of ~12 GMW spanning solar, wind, and hybrid projects. It holds offices in Jaipur (HQ), Mumbai (registered), Gurugram (corporate), and Hyderabad, and has executed projects in India as well as Bangladesh (270 MWp) and Vietnam (50 MW).

The company operates through a vertically integrated platform anchored by its Co-Development Business model — described in company materials as a pioneer approach in India per a CRISIL report — which involves aggregating land, securing inter-state and intra-state grid connectivity, obtaining regulatory approvals (connectivity permissions, bay allocation, captive arrangements, PPAs), and packaging 'ready-to-build' infrastructure within Special Purpose Vehicles (SPVs) for transfer to customers. This is complemented by full-scope EPC execution, planned Li-ion battery Energy Storage System (BESS) capability, and round-the-clock renewable supply projects. Wholly-owned subsidiary Rays Green Energy is establishing a solar module manufacturing facility in Madhya Pradesh (LOI received) to secure module supply for the company's own EPC projects.

Commercially, Rays Power Infra monetizes through one-time EPC contract revenue, professional services fees on Co-Development SPV transfers, recurring PPA-backed IPP revenues, and multi-year (2-10 year) managed O&M contracts. Go-to-market is enterprise field sales via direct tenders and competitive bidding targeting Maharatna PSUs, state governments, central government entities, and large industrial customers. The company is backed by AP Moller Capital's commitment of up to Rs 13.50 billion via project-specific SPVs, catalyzing Rs 52 billion+ in total project capex across a 900 MW platform, and filed a Draft Red Herring Prospectus with SEBI in early 2026 ahead of a proposed IPO, though the draft was withdrawn in March 2026.

Name

Rays Power Infra

Legal name

Rays Power Infra Limited

Website

https://rayspowerinfra.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

251–500 employees

Short description

Rays Power Infra is an Indian integrated solar energy company providing EPC, Co-Development, IPP, and O&M services to government PSUs, municipal corporations, and large industrial customers, with 2.4 GWp commissioned and a ~12 GMW diversified renewable pipeline.

Ownership category

akta.pro rank

Product category

Solar EPC and Renewable Energy Infrastructure

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ), Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE)

Keywords

• Solar EPC services
• Renewable energy projects
• Co-development solar infrastructure
• Solar power operations maintenance
• Utility scale solar development

Headquarters

HQ city

Jaipur

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. EPC Services: Engineering, procurement, construction, testing and commissioning services for renewable power projects. Complete range of EPC solutions for solar infrastructure.
2. Co-Development Business: Creating 'ready-to-build' solar energy infrastructure for customers through land aggregation, grid connectivity, regulatory approvals, and SPV transfers. Generates revenue through SPV transfers and subsequent EPC/O&M contracts.
3. Independent Power Production (IPP): Long-term ownership and operation of renewable energy assets generating recurring revenue through power purchase agreements (PPAs).
4. Operation & Maintenance (O&M): Long-term O&M services for renewable power projects for periods ranging from 2 to 10 years during defects liability period or as per customer requirements.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Rays Power Infra is an integrated solar energy company providing end-to-end renewable energy project development, EPC (Engineering, Procurement, Construction), Co-Development of 'ready-to-build' solar infrastructure in SPVs, Independent Power Production (IPP), and long-term Operation & Maintenance services. The company also offers battery energy storage system (BESS) solutions to enable round-the-clock renewable power supply for government PSUs, municipal corporations, and large industrial enterprises.

Product overview

Rays Power Infra is an integrated solar energy company offering a portfolio of services including EPC (Engineering, Procurement, Construction), Co-Development Business, Operation & Maintenance, and Energy Storage Systems. The company specializes in project development, Independent Power Production (IPP), and long-term O&M for renewable power projects. Their Co-Development Business model involves creating 'ready-to-build' infrastructure including land aggregation and grid connectivity, while their EPC Business provides complete solutions from design through commissioning. The company has a diversified renewable energy portfolio of approximately 12 GMW comprising solar, wind, and hybrid projects, with ~2.4 GWp commissioned as of March 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Rays Green Energy: Subsidiary focused on renewable energy integrated giga factory manufacturing solar modules; received LOI from Madhya Pradesh government to establish manufacturing facility

Products and services

• EPC Business

Quantifiable outcome

• 60 MW plant generates over 80 lakh units/month saving Rs 4.20 crore monthly for Indore Municipal Corporation
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered major and core.

• Indian Railways (Railways Energy Management Company Limited)majorStrategic or Co-development PartnerRays Power Infra secured a 200 MW round-the-clock renewable energy project from Indian Railways, managed by Railways Energy Management Company Limited. Project involves solar, wind, and battery storage to provide continuous green power for railway operations. Expected commissioning by June 2028. Aligns with India's decarbonisation objectives and signifies rising demand for dependable renewable energy among large power consumers.
• Maharatna PSU (unnamed)majorStrategic or Co-development PartnerRs 1,912 crore (300 MW) renewable energy project from one of India's Maharatna PSUs. Project will be developed in Karnataka under co-development model with solar modules sourced from Rays Power's upcoming manufacturing facility in Madhya Pradesh through subsidiary Rays Green Energy.
• Indore Municipal CorporationmajorStrategic or Co-development Partner60 MW solar power plant at Jalud, Indore, commissioned March 3, 2026. Project executed under CPSU Scheme Phase-II of Ministry of New and Renewable Energy with total investment of Rs 271.16 crore. Includes viability gap funding of Rs 42 crore from SECI and green bonds. Expected to generate 80 lakh units of electricity monthly.
• Solar Energy Corporation of India (SECI)coreStrategic or Co-development PartnerSECI provides viability gap funding (Rs 42 crore for Indore project) and operates CPSU Scheme Phase-II. Rays Power Infra participates in SECI tenders and projects for renewable energy development across India.
• Rays Green Energy (Subsidiary)coreStrategic or Co-development PartnerSubsidiary company establishing renewable energy integrated giga factory in Madhya Pradesh for solar module manufacturing. Will supply modules for company's EPC projects, ensuring vertical integration and supply chain control.
• SSPPL (Subsidiary)coreStrategic or Co-development PartnerMaterial subsidiary of Rays Power Infra Limited with separate financials and operations in the renewable energy sector.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hero Future Energies: Renewable energy IPP and EPC developer operating across solar, wind, and hybrid projects in India. Comparable portfolio mix and execution model to Rays Power Infra, particularly in IPP and hybrid renewables.
• Avaada Energy: Indian renewable energy IPP and EPC company developing utility-scale solar, wind, and hybrid projects. Competes with Rays Power Infra for large PSUs and government tenders, especially for round-the-clock renewable energy contracts.
• Tata Power Solar Systems: Subsidiary of Tata Power with integrated solar EPC, project development, and module manufacturing in India. Directly competes with Rays Power Infra for utility-scale, PSU, and government solar tenders across India.
• Adani Solar: Vertically integrated solar manufacturer and EPC arm of the Adani Group, active in utility-scale solar projects, IPP ownership, and module manufacturing. Competes head-to-head with Rays Power Infra on large government and industrial tenders in India.
• Vikram Solar: Indian solar module manufacturer and EPC provider with utility-scale project execution experience. Comparable to Rays Power Infra in EPC scope and customer mix, particularly for government and industrial solar projects.
• Sterling and Wilson Solar: One of India's largest solar EPC companies with global execution track record. Competes directly with Rays Power Infra on utility-scale and large industrial solar EPC tenders domestically and internationally.
• Mahindra Susten: Renewable energy arm of the Mahindra Group offering solar EPC, project development, and O&M services. Targets similar large-industrial and government customer segments as Rays Power Infra.
• Fourth Partner Energy: Indian solar EPC and IPP with strong focus on commercial, industrial, and C&I customers. Comparable in scale and customer overlap with Rays Power Infra's open-access and co-development offerings.

Broad incumbents

• Greenko Group: Larger integrated renewable energy IPP with significant operational solar, wind, and pumped-hydro storage capacity in India. Operates as a broader incumbent across the renewable value chain with deeper capital and longer operating history.
• JSW Energy: Diversified Indian power conglomerate expanding aggressively into renewables including solar EPC and IPP. A larger incumbent competing with Rays Power Infra on utility-scale solar tenders and IPP acquisition opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/RaysPowerInfra
• LinkedInlinkedin.com/company/rays-power-infra

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rays Power Infra