AP Moller Capital, Rays Power form 900 MW India Renewables JV

24 Dec 2025 CW Team

AP Moller Capital has entered the Indian market through a strategic joint venture with Rays Power Infra to develop large-scale renewable energy projects with a planned capacity of around 900 MW. The investment is being made via the Emerging Markets Infrastructure Fund II and marks AP Moller Capital Funds’ first foray into India.

The partnership will focus on building and operating renewable energy assets across the country, tapping into India’s rapidly expanding clean energy sector. The initial phase of development is already underway, with multiple projects in the pipeline that are expected to collectively reach approximately 900 MW of capacity once completed.

This move underscores India’s growing importance as a global renewable energy hub and reflects AP Moller Capital’s confidence in the country’s long-term economic and infrastructure growth prospects. The firm brings significant experience to the venture, having invested in and supported the development of more than 2 GW of renewable energy capacity across Southeast Asia and Africa.

The joint venture also builds on the broader AP Moller Group’s longstanding presence in India, where it has been active for over three decades across various business verticals. By combining AP Moller Capital’s global infrastructure investment expertise with Rays Power Infra’s on-ground execution capabilities, the partners aim to scale projects efficiently and contribute meaningfully to India’s clean energy transition.

Commenting on the development, Kim Fejfer, Managing Partner and CEO, AP Moller Capital, said, “Building on the AP Moller Group’s decades of engagement in India and AP 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 renewable energy market.”

The transaction is expected to close in the first half of 2026.

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