Rays Power Infra Prepares For The Next Growth Phase With Sale Of Assets At Rs 700 crores

Rays Power Infra has formally announced its debt free status to the world.

This has been achieved with the sale of solar assets in Tamil Nadu, Karnataka and Telangana to global investors for Rs 700 crores. The announcement was made by Pawan Sharma, Co-Founder, Director, Rays Power Infra. The assets sold had total debt of Rs 400 crores and EBITDA of Rs 95 crore.

Rays Power Infra has completed over 1 GW of projects and asset sales. It is developing three solar parks in Rajasthan of  2.3 GW, besides EPC contracts of 225 MW in hand in India and 280 MW outside the country. With a presence in Vietnam and Bangladesh, the firm has plans to expand across  Asia and Africa next.

Established in 2011, the firm is led by MD and CEO Ketan Mehta.  Solar projects won and commissioned till 2018 remain in high demand due to the higher tariffs they received, including many cases of FiT (Feed in tariffs), making them a very attractive option for funds looking for dependable annuities for a decade or more on investments.

With offerings across the chain, be it energy storage or solar covering open access, rooftop, or utility scale, the firm is targeting a steep rise in its portfolio of completed projects, hoping to add 3 GW between now and 2030.

The firm has no relation to another solar firm that has been in the news recently after reaching debt free status, Rays Power Experts, whose founder Rahul Gupta posted about the journey from a crisis to its debt free status last week on linkedin. The post went viral, thanks to the guts to glory story that was recounted with humility.