Rays Power Infra sells assets worth over Rs 700 cr to 2 global investors
Rays Power Infra has sold its solar projects in Tamil Nadu, Karnataka and Telangana to two global investors for over Rs 700 crore.
According to a company statement, after this portfolio sale, Rays Power became completely debt free with additional cash to accelerate its next phase of green power development.
“Our latest transaction with distinguished global investors with a significant presence in India has opened the doors to groundbreaking developments,” said Pawan Sharma, co-founder and director of Rays Power Infra.
The recently sold assets had a debt of around Rs 400 crore and an EBITDA of Rs 95 crore. These were high-priced, high-performing assets commissioned between 2017 and 2020. The transactions allowed the company to raise enough capital to support future growth.
”Rays Power Infra is now fully debt free and plans to use the additional funds to support our new innovative solar energy projects…we are confident that it will take us less than 3 years to generate the next 3 GW of solar energy,” said Vaibhav Roongta, Commercial Director of Rays Power Group.
Rays Power Infra has already completed over 1GW of project commissioning and asset sales. It is developing three solar parks in Rajasthan totaling 2.3 GW and executing engineering, procurement and construction (EPC) projects of 225 MW in India and 280 MW outside India.
Besides India, Rays Power Infra has a presence in Vietnam and Bangladesh as a trusted EPC company. It is now looking to expand its EPC presence across Asia and Africa.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)