Solar power developer Rays Power Infra will make an investment of Rs 1,700 crore to set up 450 MW of green energy projects in four major states of the country.
The company will be selling the energy generated to private and industrial consumers in the states of Uttar Pradesh, Haryana, Karnataka and Andhra Pradesh.
The company has already started site activities of projects and expects to bring these projects online in 2020.
All projects will operate under the group captive model with long-term bilateral power purchase agreements (PPAs) executed with commercial and industrial consumers.
Rays Future Energy, a subsidiary of the company, has identified more than 50 good rated offtakers for buying electricity in all states except Andra Pradesh.
In Andhra Pradesh, the company is already in process of signing of PPAs where it will set up a 150 MW project.
The company recently commissioned a 50 MW solar power project in Vietnam.