A.P. Moller Capital has announced an investment through its A.P. Moller Capital Emerging Markets Infrastructure Fund II in a renewable energy joint venture with Rays Power Infra Limited, marking the fund manager’s first investment in India. The partnership will focus on developing large-scale renewable energy projects across the country, with an initial pipeline expected to reach around 900 MW.
The joint venture will support the development, financing, construction and operation of utility-scale renewable projects, reflecting A.P. Moller Capital’s strategy of deploying long-term capital into critical infrastructure in high-growth markets. The investment underscores India’s growing importance as a global hub for renewable energy and confidence in its long-term market fundamentals.
Commenting on the partnership, Semih Gökmen, Partner at A.P. Moller Capital, said, “This partnership allows us to deploy long-term capital into a high-quality pipeline in one of the world’s fastest-growing renewable markets. Our operational mindset positions us well to deliver utility-scale renewable capacity responsibly and efficiently. We are pleased to work with Rays Power Infra, whose development strengths complement our investment approach.”
Ketan Mehta, Managing Director and CEO of Rays Power Infra, said, “This partnership with A.P. Moller Capital marks a milestone for Rays Power Infra and reinforces our long-term vision of creating renewable energy infrastructure at scale. Their investment not only validates the strength of our development platform but also accelerates our ability to deliver sustainable, utility-scale solar assets across India.”
Highlighting the strategic importance of the investment, Kim Fejfer, Managing Partner and CEO of A.P. Moller Capital, said, “We are delighted to take this first meaningful step into India’s renewable energy market. India’s energy transition presents one of the most compelling long-term infrastructure opportunities globally, and we see strong policy support and market fundamentals driving unprecedented growth. Building on the A.P. Moller Group’s decades of engagement in India and A.P. Moller Capital’s experience in developing and scaling critical infrastructure businesses, we are well positioned to execute at scale in support of India’s rapidly maturing RE market.”
A.P. Moller Capital has a track record of investing in and scaling renewable energy businesses across South and Southeast Asia and Africa, and has supported the development of more than 2 GW of renewable and transition-related capacity globally to date. The transaction is subject to customary closing conditions and is expected to close in the first half of 2026.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
