AP Moller Capital to Invest up to ₹1,350 Crore in Rays Power Infra’s Renewable Energy Platform

Rays Power Infra Limited has announced a significant strategic investment from A.P. Moller Capital – Emerging Markets Infrastructure Fund II (EMIF II Holding), which has committed to invest up to ₹1,350 crore in renewable energy projects being developed by the company through project-specific special purpose vehicles (SPVs).

The proposed investment is expected to catalyse a minimum total capital expenditure of approximately ₹5,200 crore, enabling Rays Power Infra to scale its development platform, strengthen long-term revenue visibility, and unlock opportunities for future collaborations across India’s rapidly expanding renewable energy landscape.

This transaction marks A.P. Moller Capital’s first investment in India, underlining growing international investor confidence in the country’s renewable energy ecosystem and long-term economic fundamentals.

Backed by over 120 years of industrial heritage from the A.P. Moller Group, A.P. Moller Capital brings a strong track record of scaling renewable energy businesses across Southeast Asia and Africa. Its investment portfolio spans solar, wind and hybrid power projects, grid solutions and energy-efficiency assets. To date, the firm has supported the development of more than 2 GW of renewable and transition-related capacity across its funds. The wider A.P. Moller Group has maintained a presence in India for more than three decades through its logistics and services businesses, offering deep operational and stakeholder relationships in the market.

Leadership Commentary

Ketan Mehta, MD & CEO, Rays Power Infra, commented:
“This partnership with A.P. Moller Capital marks a milestone for Rays Power Infra and reinforces our long-term vision of creating renewable energy infrastructure at scale. Their investment not only validates the strength of our development platform but also accelerates our ability to deliver sustainable, utility-scale solar assets across India”

Semih Gökmen, Partner at A.P. Moller Capital, said:
“This partnership allows us to deploy long-term capital into a high-quality pipeline in one of the world’s fastest-growing renewable markets. Our operational mindset positions us well to deliver utility-scale renewable capacity responsibly and efficiently. We are pleased to work with Rays Power Infra, whose development strengths complement our investment approach.”

Kim Fejfer, Managing Partner and CEO, A.P. Moller Capital, added:
“We are delighted to take this first meaningful step into India’s renewable energy market. India’s energy transition presents one of the most compelling long-term infrastructure opportunities globally, and we see strong policy support and market fundamentals driving unprecedented growth. Building on the A.P. Moller Group’s decades of engagement in India and A.P. Moller Capital’s experience in developing and scaling critical infrastructure businesses, we are well positioned to execute at scale in support of India’s rapidly maturing renewable energy market.”

About Rays Power Infra Limited

Rays Power Infra Limited is a leading provider of utility-scale, end-to-end renewable energy solutions, with a strong focus on solar power. The company specialises in developing ready-to-build renewable infrastructure under its Co-Development business model, alongside offering engineering, procurement and construction (EPC) services.

The company currently manages a diversified renewable energy portfolio of approximately 11,665 MWp, spanning solar, wind and hybrid projects designed to meet round-the-clock renewable energy demand. As of July 31, 2025, Rays Power Infra has commissioned around 1,771 MWp across 13 Indian states and two international locations. Additionally, 4,029 MWp is contracted, 3,565 MWp is under development, and 2,300 MWp is in advanced stages.

Under its Co-Development model, Rays Power Infra oversees the full project lifecycle, including land aggregation, STU and ISTS grid connectivity, and all regulatory and commercial approvals, with assets housed in SPVs before being transferred to customers.