Rays Power Infra Raises Rs 200 Cr from DMI Finance

The capital will be predominantly used to strengthen the company’s presence in the country and to develop ground mounted solar power projects.

Mumbai-based solar power developer Rays Power Infra announced that it has successfully raised Rs 200 crore in debt and equity financing in the first round from DMI Finance.

The capital will be predominantly used to strengthen the company’s presence in the country and to develop ground mounted solar power projects.

Ketan Mehta, founder and managing director, Rays Power Infra said, “…As co-developer partner, we are involved in financial closure and equity investment for development of project prior to sale. We intend to utilize the funds in pursuing development of further assets on co-development basis.”

The company is pursuing opportunities in rooftop solar assets, distributed generation and is also targeting retail consumers and retail sector with e-mobility solar solutions.

With a solar portfolio of 64 MW, the company has an engineering, procurement and construction deliveries for over 500 MW of solar projects.

In March this year the company commissioned 3 solar projects in the state of Karnataka with a total capacity of 130 MW.

Rays Power Infra is one of the largest solar developer and EPC management company. The company commissioned solar park and projects rounding to 620 MW since its establishment in 2011.

Apart from being an EPC solution provider, the company is known for its differentiated and unique ‘Co-Developer’ approach offering cost-effective investment returns to its private equity investors.

Source: ET Energy World