Solar developer Rays Power Infra has announced that it has secured ₹2 billion (~$28.4 million) through hybrid debt and equity financing from lender and asset management firm DMI Finance (DMI). The company is expected to utilize the funds to grow their business in the utility scale solar segment.
Since its inception in 2011, Rays Power Infra has commissioned around 620 MW as an engineering, procurement and construction (EPC) player. The company also offers operation, maintenance and rooftop project development services. Rays Power Infra plans to develop 1,200 MW by 2020.
In May 2018, Rays Power Infra announced the commissioning of three projects in Karnataka: Jhamkhandi (40 MW), Bijapur (45 MW), and Kustagi (45 MW).
In July 2017, Mercom reported on the news of Rays Power Infra entering into a power purchase agreement with Tamil Nadu utility TANGEDCO, where the company bid for 200 MW but was awarded 100 MW.
According to Mercom’s India Solar Project Tracker, Rays Power has commissioned solar projects totalling more than 600 MW of projects under development.
Rays Power Infra has developed projects for a wide variety of clients ranging from Indian corporates to international companies. These include the Emami Group, EDF, Essel Infra, Greenko and SAIL. The company has also recently entered the international markets by foraying into Vietnam and it is also looking to grow its presence in Asia, Africa and Australia.
DMI’s core business is to be a credit partner to growing Indian companies. DMI’s loan offerings are tailored to meet the needs of various companies – it provides short-term bridge financing, medium-term project financing and term loans for corporate clients.