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Rays Power Infra has grown to become India’s largest privately held, self-funded solar project developer. The company recently sold its owned solar projects in Tamil Nadu, Karnataka, and Telangana to two global investors with a significant presence in India for over Rs 700 crores. Rays Power Infra is now debt-free and has more cash to invest in its next phase of green energy development as a result of this portfolio sale.
“Solar is the future clean energy source for generations to come,” said Pawan Sharma, co-founder and director of Rays Power Infra. We still have a long way to go, though. Our most recent transaction has paved the way for ground-breaking developments that will hasten the implementation of large-scale C&I projects and mega solar parks across India in the future.”
The assets that were recently sold had debt of around Rs 400 crore and EBITDA of Rs 95 crore. These were high-cost, high-performance assets that were put into service between 2017 and 2020. These transactions allowed the company to raise sufficient funds to fund its future expansion.
“Rays Power Infra is completely debt-free now,” said Vaibhav Roongta, chief business officer of Rays Power Group. “We plan to use the additional funds to support our innovative new solar energy projects.” We are committed to making significant progress toward cleaner, greener, and more sustainable energy sources. With our advanced resources, experience, and expanding opportunities in the sector, we are confident that generating the next 3 GW of solar energy will take us less than three years.”
Rays Power Infra, a formidable player in the solar energy industry, has already completed over 1 GW of project commissioning and asset sales. 1 GW of green energy took ten years to produce. Currently, the company is developing three solar parks in Rajasthan with a total capacity of 2.3 GW and is completing EPC projects worth 225 MW in India and 280 MW outside India.
Rays Power Infra has global roots as a trusted EPC company for large-scale solar projects, not only in India but also in Vietnam and Bangladesh. The company is now looking to grow its EPC business in Asia and Africa.
