RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

<p>Solar developer and engineering, procurement, and construction (EPC) company <a href="https://www.rayspowerinfra.com/" target="_blank" rel="noopener">Rays Power Infra</a> has 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).</p>
<p>According to the company, post this portfolio sale, it has become completely debt-free with additional cash to boost its next phase of green energy development. The company plans to use the funds to develop large-scale commercial and industrial (C&amp;I) projects and mega solar parks across India.</p>
<p>&#8220;Solar is the future clean energy source for generations to come. Albeit, we still have a long way to go. At Rays Power, we are well on track to leading India&#8217;s solar energy development. Our latest transaction with distinguished global investors having considerable presence in India has opened the gates for ground-breaking developments, which will accelerate future strategies of implementing large scale C&amp;I projects and mega solar parks across India,&#8221; said Pawan Sharma, Director of Rays Power Infra.</p>
<p>The recently sold assets had debt worth approximately ₹4 billion (~$51.74 million) and earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹950 million (~$12.29 million). These were high-tariff, well-performing assets commissioned between 2017 and 2020.</p>
<p>Rays Power has already commissioned 1 GW of solar energy and expects to generate the following 3 GW of green energy within three years. The company is developing three solar parks in Rajasthan, totaling 2.3 GW, and executing EPC projects of 225 MW in India and 280 MW overseas.</p>
<p>Apart from India, Rays Power Infra has a presence in Vietnam and Bangladesh as an EPC company for large-scale solar projects. The company is now looking to expand its EPC presence across Asia and Africa.</p>
<p>In 2018, Rays Power Infra <a href="https://mercomindia.com/rays-infra-28-million-solar-business/" target="_blank" rel="noopener">secured</a> ₹2 billion (~$28.4 million) through hybrid debt and equity financing from lender and asset management firm DMI Finance. The company utilized the funds to grow its business in the utility-scale solar segment.</p>
<p>In 2017, Rays Power Infra <a href="https://mercomindia.com/tangedco-sign-ppas-1500-mw-solar-rs-3-47-0-054kwh/" target="_blank" rel="noopener">entered</a> into a power purchase agreement with Tamil Nadu utility TANGEDCO. The company bid for 200 MW but was awarded 100 MW.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
<p style="height: 17px">
</div>
</div></div><div class="clearfix"></div></div></div>

Rays Power Infra Sells Solar Projects Worth ₹7 Billion to Global Investors

ray-infra

Get the most relevant India solar and clean energy news.

RECENT POSTS