Solar EPC Firm Rays Power Infra Raises $28.5 Mn from DMI Finance
Jaipur Headquartered solar power developer and EPC that is Engineering, Procurement, and Construction player, Rays Powe Infra has now closed the first round of Rs 200 crore in the mix of debt and equity funding from the DMI Finance, a new Delhi based Non-Bank Finance company.
The solar startup would use the majority of the fresh capital secured in strengthening its presence in the country and develop projects for the ground-mounted solar projects. Rays also have a plans to grow its co-development business model, a bespoke model that Rays has pioneered in the Indian solar industry, according to the report which has been revealed.
The startup which is founded in the year 2011, Rays power infra is one of the largest solar developer and EPC management company. An EPC company offers the engineering design, deliver the functioning asset to the clients, and obtain request. Rays have built a solar portfolio of the 64 megawatts and has an EPC track record of the delivering more than 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 also revealed that it is pursuing some of the more opportunities in the distributed generation, rooftop solar assets and entering into the real sector with the e-mobility solar solutions targeting the real consumers.
In the month of August 2018, Hyderabad based Cygni Energy Private Limited, which is an innovative Solar DC solutions startup had secured $6.4 Million funds in a combination of both the Debt and Equity.