Rays Power Infra Pvt Ltd, an Indian developer of solar power plants and EPC providers, has sold its solar projects to two unnamed global investors at an enterprise value greater than Rs. 700 crore, according to PTI.
The solar power facilities that were sold are in Telangana, Karnataka, and Tamil Nadu.
“Rays Power Infra is completely debt-free now and plans to use the additional funds to support our innovative new solar energy projects, we are certain that it will take us less than 3 years to generate the next 3 GW of solar energy,” Vaibhav Roongta, Chief Business Officer – Rays Power Group, said.
“Our most recent transaction with distinguished international investors who have a significant presence in India has opened up the doors for ground-breaking developments,” said Pawan Sharm, Co-Founder and Director – Rays Power Infra.
The company is currently developing three solar parks in Rajasthan that total 2.3 GW. It also executes EPC projects in India of 225 MW and 280 outside India. Rays Power Infra also has projects in Vietnam, Bangladesh. The company plans to increase its EPC presence in Asia and Africa.