Rays Power Infra Limited announced a strategic investment commitment of up to ₹1,350 crore from A.P. Moller Capital – Emerging Markets Infrastructure Fund II (EMIF II Holding). The investment will be routed through project-specific special purpose vehicles (SPVs) to support the development of renewable energy projects across India.
Importantly, the capital infusion is expected to catalyse a minimum total project capital expenditure of ₹5,200 crore, significantly expanding Rays Power Infra’s development pipeline. As a result, the company will gain greater operational scale, long-term revenue visibility, and enhanced scope for future partnerships.
A.P. Moller Capital Makes First Investment in India
Notably, this transaction marks A.P. Moller Capital Funds’ first investment in India, underscoring the country’s growing stature as a global destination for renewable energy capital. The move also reflects strong investor confidence in India’s long-term economic fundamentals and policy-driven clean energy transition.
Backed by Global Renewable Investment Experience
A.P. Moller Capital brings more than 120 years of industrial heritage from the A.P. Moller Group, coupled with a hands-on value creation approach. The firm has successfully invested in and scaled renewable energy platforms across Southeast Asia and Africa, spanning solar, wind, hybrid power solutions, grid infrastructure, and energy-efficiency assets.
To date, A.P. Moller Capital has supported the development of over 2 GW of renewable and transition-related capacity across its funds. Meanwhile, the broader A.P. Moller Group has maintained a presence in India for over three decades through its logistics and services businesses, providing deep-rooted commercial and operational linkages.
Rays Power Infra Sees Major Growth Catalyst
Ketan Mehta, Managing Director and CEO, Rays Power Infra, said the investment marks a defining milestone for the company. “This partnership with A.P. Moller Capital reinforces our long-term vision of building renewable energy infrastructure at scale. Their investment validates the strength of our development platform and accelerates our ability to deliver sustainable, utility-scale solar assets across India.”
Long-Term Capital for a Fast-Growing Renewable Market
As per the press release, from the investor’s perspective, Semih Gökmen, Partner at A.P. Moller Capital, highlighted the strategic fit of the collaboration. “This partnership allows us to deploy long-term capital into a high-quality project pipeline in one of the world’s fastest-growing renewable energy markets. Our operational mindset positions us well to deliver utility-scale capacity responsibly and efficiently.”
India’s Energy Transition in Sharp Focus
Kim Fejfer, Managing Partner and CEO, A.P. Moller Capital, described, “India’s energy transition represents one of the most compelling long-term infrastructure opportunities globally. With strong policy support and favourable market fundamentals, we are well positioned to scale critical renewable infrastructure in partnership with Rays Power Infra.”
