Jaipur headquartered solar power developer and EPC (Engineering, Procurement, and Construction) player, Rays Power Infra, has closed first round of Rs 200-crore (~ US$28.514 million) in mix of debt and equity funding from DMI Finance (DMI), a New Delhi-based Non-Bank Finance Company.
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.
Founded in 2011, Rays Power Infra is one of the Largest solar developer and EPC management company. An EPC company provides engineering design, obtain equipment, and then deliver the functioning asset to the client. Rays has built a solar portfolio of 64 megawatt (MW) and has an EPC track record of delivering over 500 MW of solar assets.
Ketan Mehta, founder and managing director, Rays Power Infra, said, “…As co-developer partner, we are involved in financial closure and equity investment for development of project prior to sale. We intend to utilize the funds in pursuing development of further assets on co-development basis.”
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.
In recent funding of solar energy companies, Delhi-based Azure Power, which is one of the country’s largest independent solar power producers with a solar portfolio of over 3 Giga Watt spread across 23 states, has raised around $185 million primary capital through an equity offering.
In August this year, Hyderabad based Cygni Energy Private Limited, an innovative Solar-DC solutions startup had raised funds of $ 6.4 Million in a combination of Equity and Debt. The equity funding is led by Endiya Partners, a leading early-stage venture capital firm that invests in product startups and the debt by IndusInd Bank, a leading Private Bank in India.
In June, an another solar energy startup, Fourth Partner Energy, also based out of Hyderabad had raised whopping $70 million in Series B funding from The Rise Fund, a global impact investment fund managed by TPG Growth.
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