Rays Power Infra, the jaipur headquartered solar power developer and EPC (Engineering, Procurement, and Construction) player, has closed first round of Rs 200-crore in mix of debt and equity funding from DMI Finance (DMI), a New Delhi-based Non-Bank Finance Company.
Founded in 2011, Rays Power Infra is one of the Largest solar developer and EPC management company. It has built a solar portfolio of 64 megawatt (MW) and has an EPC track record of delivering over 500 MW of solar assets.
The company said that it is pursuing opportunities in distributed generation, rooftop solar assets and entering the retail sector with e-mobility solar solutions targeting retail consumers.
With 620 MW projects under its portfolio, Rays was ranked as the 3rd largest Solar EPC Player in the country in 2015 following which it again was recognized as one of the top 10 players across the globe apart from US & China in 2017 by IHS Markit.
The Solar startup would use majority of the fresh capital raised in strengthening its presence in the country and develop ground-mounted solar power projects.
Rays also plans to grow its co-development business model, a bespoke model that Rays has pioneered in the Indian solar industry, a company statement said.
Reference- Economic Times, Rays Power Infra website