Solar EPC and turnkey solution provider Rays Power Infra has raised ₹1.27 billion (~$15.17 million) in equity capital from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds.

The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital.

The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.

Ketan Mehta, Managing Director and CEO of Rays Power Infra, said, “We are thrilled to witness the robust support from our investors. Being a debt-free company, this funding round will significantly enhance our ability to develop more solar and wind parks with a capacity of around 3 GW. Additionally, it enables us to invest in both backward and forward integration of our business, paving the way for numerous exciting projects in the near future.”

In May 2022, Rays Power Infra sold its solar projects in Tamil Nadu, Karnataka, and Telangana to two global investors with a significant presence in India for an aggregate enterprise value of over ₹7 billion (~$90.55 million).

In December 2018, it announced that it had secured ₹2 billion (~$28.4 million) through hybrid debt and equity financing from lender and asset management firm DMI Finance. The company is expected to use the funds to grow its business in the utility-scale solar segment.

According to Mercom Capital ‘Group’s 1H and Q2 2024 Solar Funding and M&A Report, the total corporate funding, including venture capital/private equity funding, public market, and debt financing, in the solar sector reached $16.6 billion in the first half of 2024, marking a 10% year-over-year decrease from $18.5 billion. Despite this decline, the number of deals increased by 9%, with 87 deals in 1H 2024 compared to 80 deals in 1H 2023.