Rays Power Infra raises INR 127 crore equity capital

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Rays Power Infra, a solar EPC solutions provider and solar park developer, has announced the successful closure of a fundraise of INR 127 crore as equity capital. The company is also gearing up to file its IPO Draft Red Herring Prospectus (DRHP) in the last quarter of the year, setting the stage for further fundraising to support its ambitious growth plans

This latest round brings the total funding raised by the company to nearly INR 200 crore over the past few months.

“The recent funding round saw participation from a diverse array of investors, including high-net-worth individuals, family offices, funds, and partners in Alternative Investment Funds. Despite this significant infusion of capital, the company managed to maintain a dilution of less than 5% in this round, demonstrating strong investor confidence and efficient capital management,” stated Rays Power Infra.

Ketan Mehta, managing director and CEO of Rays Power Infra, said, “Being a debt-free company, this funding round will significantly enhance our ability to develop more solar and wind parks with a capacity of around 3 gigawatts. Additionally, it enables us to invest in both backward and forward integration of our business, paving the way for numerous exciting projects in the near future.”

Rays Power Infra plans to keep raising more capital every year, aiming to grow at a compounded rate of over 50% in the coming years.

Established in 2011, Rays Power Infra is one of the early movers in the solar park regime. It also provides turnkey solar engineering, procurement and construction (EPC) services. The company has implemented 1,207 MWp of solar power projects.

Rays Power Infra recently set up a wholly-owned subsidiary for production of solar modules, solar cells, and battery energy storage systems (BESS) at gigawatt scale. The subsidiary will focus on setting up large-scale manufacturing facilities, and the company is currently evaluating land options and incentive policies across various states.

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