Rays Power Infra Secures ₹5,000 Crore Round-the-Clock Renewable Energy Contract from Indian Railways

NEW DELHI, March 2026 — Rays Power Infra, through its subsidiary Bhalki Solar Power, has been awarded a landmark 200 MW Round-the-Clock (RTC) renewable energy mandate by the Railways Energy Management Corporation Limited (REMCL), a joint venture between the Ministry of Railways and RITES Limited. The contract, which adds approximately ₹5,000 crore to the company’s order book, is designed to provide a continuous, reliable stream of green power to the national carrier, significantly advancing Indian Railways’ transition toward sustainable operations.

Hybrid Infrastructure and Storage: A 1,000 MWh Solution

To fulfill the rigorous RTC delivery requirements, the project will deploy a sophisticated multi-asset hybrid configuration. According to Vaibhav Roongta, Chief Business Officer of Rays Power Infra, the technical architecture is designed to integrate diverse renewable assets with advanced storage systems to ensure firm power delivery during non-solar hours. This hybrid approach is intended to maximize energy availability while maintaining high levels of cost efficiency across the project’s lifecycle.

Project Technical Specifications

Vertical Integration and Supply Chain De-risking

The execution of this mandate relies on a vertically integrated operational strategy aimed at protecting margins and mitigating global supply chain volatility. Key operational components include:

• Primary Subsidiary: The mandate will be executed through the dedicated project vehicle, Bhalki Solar Power.
• Manufacturing Strategy: Rays Power Infra will utilize in-house solar modules. These will be manufactured using solar cells sourced from the company’s upcoming Madhya Pradesh facility, operated under its subsidiary, Rays Green Energy.
• Land and Parks: The company will utilize its proprietary solar and wind parks to streamline development and infrastructure readiness.

Ketan Mehta, Managing Director of Rays Power Infra, noted that this contract is the culmination of two years of intensive groundwork in hybrid site development. By leveraging in-house manufacturing and proprietary land banks, the company aims to de-risk the supply chain and optimize the Levelized Cost of Energy (LCOE), ensuring the project remains competitive while maximizing the utilization of existing evacuation infrastructure.

Institutional Backing and Strategic Scalability

The securing of this ₹5,000 crore contract follows a strategic joint venture between Rays Power Infra and A.P. Moller Capital, through the A.P. Moller Capital – Emerging Markets Infrastructure Fund II. This partnership underscores the company’s increased institutional backing and its expanding pipeline of utility-scale projects.

Beyond its immediate commitment to Indian Railways, Rays Power Infra’s corporate disclosures indicate that this project’s design provides a scalable blueprint for the future. The infrastructure is built to support future expansion into high-growth, energy-intensive sectors, specifically the production of green hydrogen and green ammonia.

Project Completion Timeline

The project is scheduled for commissioning by June 2028.