Rays Power Infra sells assets worth over Rs 700 cr to 2 global investors – EQ Mag Pro
Rays Power Infra has emerged as India’s largest privately held, self-funded solar projects development company after the company after it recently sold its owned solar projects in the states of Tamil Nadu, Karnataka and Telangana to two global investors with a significant presence in India, at an aggregate enterprise value of over Rs 700 crores.
The company in a statement said that p ost this portfolio sale, Rays Power Infra has become completely debt-free with additional cash to boost its next phase of green energy development.
Following closure of the deal, outlining the roadmap for Rays’ future growth, Pawan Sharma, Co-Founder, Director – Rays Power Infra, said “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’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&I projects and mega solar parks across India.”
The recently sold assets had debt worth approximately INR 400 crore and EBITDA of INR 95 crore. These were high tariff, well performing assets commissioned between 2017 and 2020. These transactions have enabled the company to raise enough capital to support its future growth.
Vaibhav Roongta, Chief Business Officer – Rays Power Group , explained, “Rays Power Infra is completely debt-free now and plans to use the additional funds to support our innovative new solar energy projects. We are committed to continue making huge strides in promoting cleaner, greener and sustainable energy sources. With relatively advanced resources, experience and increasing opportunities in the sector, we are certain that it will take us less than 3 years to generate the next 3 GW of solar energy.”
Source: PTI
