FCC

Rays Power Infra sells assets worth Rs 700 cr

2022-05-13

One of the leading integrated solar power companies, Rays Power Infra has sold its solar projects in Karnataka, Tamil Nadu and Telangana. The company has sold the projects to two global investors for more than Rs 7 billion. Post the sale, Rays Power Infra has become completely debt-free with additional cash to boost its next phase of green energy.

The recently-sold assets had debt worth approximately Rs 400 crore and EBITDA of Rs 95 crore. These were high tariff, well-performing assets commissioned between 2017 and 2020. The transactions have enabled the company to raise enough capital to support its future growth.

Rays Power Infra has already completed more than 1 GW of project commissioning and asset sale. It is developing three solar parks in Rajasthan totalling 2.3 GW and executing engineering, procurement, and construction (EPC) projects of 225 MW in India and 280 MW outside India.