New Delhi [India], Dec 20 (ANI): Subsidiary of Rays Power Infra Rays Future Energy on Wednesday announced execution of 60MW of capacity under open access systems in Karnataka, which will be completed by the end of the current fiscal year.
The company, which has identified over 50 highly-rated private commercial and industrial consumers, will provide them access to power at reduced costs sourced from solar parks being developed by Rays Power Infra, one of India's leading solar EPCs.
The Indian solar sector witnessed rapid capacity addition in the last two years due to a favourable policy environment and substantial public sector support; however, the current year has seen a slowdown in the demand for capacity-building at the utility scale for selling to central and state power distribution utilities. Independent Power Producers like Rays Future Energy and Rays Power Infra are therefore directly reaching out to industrial and commercial consumers by installing distributed solar power solutions (like rooftop plants) or through direct supply under open access-based models.
"The open access model is perfect for regions like Karnataka, where the grid is robust, the demand for power is high, and there is going to be substantial demand for energy that will continue to increase," said CEO Rays Power Infra Pvt. Ltd., Ketan Mehta.
"Open access becomes a win-win business model for all stakeholders as private consumers get cheaper power, thereby boosting their productivity and competitiveness, developers get returns on their investments, and it also contributes to the government's solar mission of having 100 GW of solar power capacity by 2022," added Ketan.
The open access model provides potential for the evolving energy market in Karnataka to provide consumers with access to power at considerably lower rates, offering better efficiencies and lower utility bills to their customer, while reducing the carbon footprint of these companies substantially by offsetting their conventional energy demands from renewable sources.
"The policy and support from the government has played a vital role in the development of an open access market in the state of Karnataka. This has provided a platform for private players to utilize existing transmission and distribution infrastructure in the region for the benefit of all. Providing cheaper, renewable energy through existing channels makes the entire project more efficient, ensuring a low cost of delivery and low cost of power to the consumer," said CEO Rays Future Energy India Pvt. Ltd., Rahul Mishra.
Rays Future Energy will focus on the development of the private off-taker market to provide renewable energy solutions to the private off-taker market under both the distributed and open access based models over the next few years, starting with Karnataka.
The company aims to continue its endeavour to provide its extensive project experience and industry-leading technical expertise to become one of the top players in India through its innovative, eco-friendly, and cost-effective solar power technology solutions. (ANI)