Rays Power Infra has partnered with Hilliard Energy to jointly develop 150 MW solar power project, entailing an investment of USD 130 million (about Rs 870 crore).

"The company's subsidiary Shining Sun Power has signed a 150-MW project development term sheet with power producer Hilliard Energy, a company incorporated and registered under the laws of Mauritius. Both partners will jointly develop 150 MW of solar power project with a total investment of USD 130 million," a statement issued here stated.

In the first phase, a 10-MW solar project is expected to be commissioned in April at Kalwakurthy in Telangana and the power generated will be sold to the state's discoms at a fixed tariff of Rs 6.55 per unit for 25 years.

"We are very excited about this new partnership which merges the fund-raising skills of Hilliard Energy with the execution capabilities of our company. We would like to achieve a target of 150 MW in the next 12 months," Rays Power Director Ketan Mehta said.

Hilliard Energy Director Brent Hilliard said, "This is an exciting opportunity to invest in high-quality solar projects that are fully contracted for the next 25 years. These projects have a good solar resource, making these them extremely reliable for many years to come.