AP Moller Capital to Invest up to INR 1,350 Crores in Renewable Energy Platform Developed by Rays Power Infra

Rays Power Infra Limited has announced a landmark agreement with A.P. Moller Capital, marking the global fund manager’s entry into the Indian renewable energy market. A.P. Moller Capital’s Emerging Markets Infrastructure Fund II (“EMIF II Holding”) will invest up to INR 1,350 Crores in renewable energy projects developed by Rays Power Infra through project-specific Special Purpose Vehicles (SPVs).

This commitment is expected to catalyse a total project capital expenditure of at least INR 5,200 Crores, providing significant scale to Rays Power Infra’s operations and establishing long-term revenue visibility.

A Strategic Entry into India

This investment represents the first move into India by A.P. Moller Capital Funds, signaling strong confidence in the country’s economic fundamentals and its position as a global renewable energy hub. While this is a first for the Capital arm, the broader A.P. Moller Group has maintained a presence in India for over 30 years through its logistics and services sectors.

Ketan Mehta, MD & CEO of Rays Power Infra, stated: “This partnership marks a milestone for Rays Power Infra and reinforces our vision of creating renewable energy infrastructure at scale. Their investment validates our development platform and accelerates our ability to deliver sustainable, utility-scale solar assets across India.”

Global Expertise Meets Local Scale

A.P. Moller Capital brings over 120 years of industrial heritage, having supported the development of more than 2 GW of renewable capacity across Southeast Asia and Africa.

Kim Fejfer, Managing Partner and CEO of A.P. Moller Capital, added: “India’s energy transition presents one of the most compelling long-term infrastructure opportunities globally. Building on the A.P. Moller Group’s decades of engagement in India, we are well-positioned to support this rapidly maturing market.”

Portfolio and Development Model

Rays Power Infra is a leader in the Indian solar industry, utilizing a unique Co-Development Business model. Under this model, the company manages the complete project lifecycle—including land aggregation and grid connectivity—before transferring the “ready-to-build” projects to customers via SPVs.

As of July 31, 2025, the company’s diversified portfolio stands at approximately 11,665 MWp, including:

Commissioned: ~1,771 MWp across 13 states and international sites.
Contracted: 4,029 MWp.
Under Development/Advanced Stages: 5,865 MWp.

By: Vanshika Tayal