Rays Power Experts Secures INR 200 m Via Equity Funding The proceeds from the funding will be used to expand Rays Power Experts' footprint and undertake new domestic and international solar projects.
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Rays Power Experts, a solar park developer, has raised INR 200 million in equity funding led by Swastika Investmart Limited.
The funding round included investments from the Sunil Singhania family office, Vyom Wealth Advisors, Lalit Dua of Rajasthan Global Securities, Vineet Arora of NAV Capital, and Moheet Agarwal.
According to the company, the proceeds from the funding will be used to expand Rays Power Experts' footprint and undertake new domestic and international solar projects.
Currently, the company has executed six solar parks with more than 300 ground mounted projects in it, making it one of the largest solar park developers in India with 95 per cent market share in open access market of Rajasthan.
Sunil Nyati, Managing Director, Swastika Investmart Ltd. said, "It has been a privilege to facilitate this crucial funding for Rays Power Experts. Their impressive track record and ambitious plans for expansion make them a key player in the renewable energy sector. This funding will allow them to capitalize on new opportunities and further their mission of promoting sustainable energy solutions."
The firm has a diverse portfolio of projects across the country. Their solar energy solutions have levelized cost of electricity (LCOE) that is cost-effective, making it financially affordable than fossil fuels and other conventional sources of energy.
Rahul Gupta, Founder and Director, Rays Power Experts said, "We are thrilled to secure this funding at such a crucial time. This capital will accelerate our expansion into new projects and international markets. Swastika Investmart's invaluable support and expertise were key in securing this investment. We aim to continue leading in renewable energy solutions with these funds."
The Indian solar Engineering, Procurement, and Construction (EPC) industry has experienced a robust CAGR of 15.4 per cent from 2016 to 2024. As the world's 5th largest solar power generator, India is ambitiously targeting 270 GW of solar power generation by 2030.
