Rays Power Infra has sold its solar projects in Tamil Nadu, Karnataka and Telangana to two global investors for over Rs 700 crore.

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According to a company statement, post this portfolio sale, Rays Power has become completely debt-free with additional cash to boost its next phase of green energy development.

"Our latest transaction with distinguished global investors having considerable presence in India has opened the gates for ground-breaking developments," Pawan Sharma, Co-Founder, Director – Rays Power Infra, said. 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.

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"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.

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.

Apart from India, Rays Power Infra has operations in Vietnam and Bangladesh as a trusted EPC company. It is now looking to expand its EPC presence across Asia and Africa.

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(Edited by : Anand Singha)