MUMBAI, Oct 26: Rajasthan-based solar EPC firm Rays Power Experts plans to invest Rs 200 crore for developing independent solar power parks across the country and eyes Rs 1,000 crore by FY16, a senior company official said today.
The company recently made a foray into the independent solar parks segment, under which it owns land and sets up power projects for captive power producers and investors who have to fulfil their renewable purchase obligations (RPOs).
“Government has decided to enforce RPOs more strictly. To comply with the obligation, CPPs and other investors are investing in setting up solar projects. This gives us an opportunity to develop parks for setting up projects for such investors,” company’s Director Rahul Gupta told here.
He said the company expects to have 400 MW of operational capacity by FY’16.
“We will invest around Rs 200 crore by FY16 to set up solar parks across the country and expects a turnover of Rs 1,000 crore by the period,” Gupta said.
Rays Power had clocked Rs 350 crore revenue last fiscal.
The company has developed a solar park in Bikaner in Rajasthan with a total installed capacity of 65 MW and expects it to increase to over 100 MW by December-end.
“We have commissioned nearly 65 MW of plants for various clients in this park and another 45 MW of plants are under various stages of development. We expect the projects to be completed by December-end,” he said.
The company plans to develop such parks in Andhra Pradesh, Chattisgarh, Maharashtra and Karnataka.
“We plan to set up 50 MW solar power generation park in Andhra Pradesh. We have identified locations in Maharashtra and Karnataka for setting parks, but we are awaiting clarity on the solar policy in the states,” Gupta said.
When asked about funding plans, he said, “we are a debt- free company and will be raising funds through internal accruals. But going forward, we may also look at raising equity.” (PTI)
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