Rays Experts commissions 700MW solar energy projects in India
- IBEF
- November 18, 2020
On Tuesday, solar solution provider and park developer Rays Experts announced that it has commissioned solar projects across the country with about 700 MW capacity.
These ventures include a 440 MW in-park solar farm, a 210 MW out-park solar plant, 49 MW commercial/industrial rooftop installations, and 4 MW units across 8,400 homes.
Such initiatives include ground-mounted solar panels for 230 customers, including, among others, Delhi Metro, NDMC, airports, IITs and NITs, defence establishments, factories, and major hotel chains.
Mr. Rahul Gupta, MD & CEO of Rays Experts, said, "Our business has shown significant growth amid the COVID environment and we are highly positive about our future and the future of solar in India...we now look forward to crossing the Rs. 1,000 crore (US$ 134.48 million) annual revenue benchmark within the next four years."
By finishing three additional solar parks over the next financial year, Rays Experts aims to move broader into commercial space and achieve a YoY (year on year) growth of 20%.
Since India is expected to have more than 10 GW of additional solar plants in the next two years, by powering 330 million homes across the country, Rays Experts has its emphasis on institutional projects and being a leader in residential rooftop installations.
In solar parks across three states, the company also plans to invest Rs. 30 crore (US$ 4.03 million). At present, Rays Experts are working to collect Rs. 100 crore (US$ 13.45 million) for both institutional ventures and residential solar programmes.
Projects totaling 210 MW have already been aligned and a 1,000 MW target is expected to be achieved by the end of this financial year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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