Denmark-based A.P. Moller Capital, an institutional fund manager, has announced its first renewable energy investment in India through the A.P. Moller Capital – Emerging Markets Infrastructure Fund II. The investment is being made through a newly established joint venture with Rays Power Infra, a solar engineering, procurement, and construction company.

The joint venture will focus on developing large-scale renewable energy projects across India, with an initial pipeline of projects already under development totaling approximately 900 MW.

The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2026.

The partnership aims to accelerate the delivery of utility-scale renewable energy capacity.

Across its funds, A.P. Moller Capital has invested in solar, wind, and hybrid power projects, grid solutions, and energy efficiency assets in Southeast Asia and Africa, and supported the development of more than 2 GW of renewable and energy transition-related capacity to date

Rays Power Infra develops ready-to-build renewable energy infrastructure. This includes land aggregation, and securing state transmission utility and interstate transmission system grid connectivity, and regulatory and commercial approvals.

It has a diversified renewable portfolio of approximately 11.6 GW across solar, wind, and hybrid projects designed to meet round-the-clock renewable energy demand. As of July 31, 2025, it has commissioned around 1.77 GW of projects across 13 Indian states and two international locations, with 4.02 GW contracted, 3.56 GW under development, and 2.3 GW at advanced stages.

In May this year, KK Wind Solutions, a subsidiary of A.P. Moller Holding, commissioned a new factory in Bengaluru to manufacture power converters and control systems for the wind energy industry.

In April this year, Rays Power Infra emerged as one of the winners of the Assam Power Distribution Company’s engineering, procurement, and construction auction to set up 250 MW of solar power projects in Karbi Anglong, Assam.