Solar plants divestment frees India's Rays Power of all debt

Solar power plant in Karnataka. Source: Rays Power Infra Pvt Ltd.

May 12 (Renewables Now) - Indian solar plant builder Rays Power Infra Pvt Ltd has disposed of solar parks to two unnamed global investors for a total sum exceeding INR 7 billion (USD 90.7m/EUR 85.9m), the Press Trust of India (PTI) reported, quoting a company statement.

The divested solar power facilities are located in the Indian states of Tamil Nadu, Karnataka and Telangana and have all been commissioned in the period 2017-2020. The assets are associated with INR 4 billion of debt.

Not only has this transaction freed Rays Power of all of its debt, but has also provided the company with additional funds to support new solar projects, as stated by chief business officer Vaibhav Roongta.

According to the official, it will take the company less than three years to set up a new solar portfolio of 3 GW.

(INR 10 = USD 0.130/EUR 0.123)

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