The leading solar park developer plans to expand its footprint domestically and internationally with new capital, reinforcing its position in the renewable energy sector.
Rays Power Experts, solar park developer in India, has successfully raised INR 200 million in equity funding. Swastika Investmart Limited acted as the lead advisor for this transaction. The funding round saw investments from notable investors, including the Sunil Singhania family office, Vyom Wealth Advisors, Lalit Dua of Rajasthan Global Securities, Vineet Arora of NAV Capital, and Moheet Agarwal.
This infusion of capital will enable Rays Power Experts Pvt Ltd. to expand its footprint and undertake new domestic and international solar projects. Currently, the company has executed six solar parks with more than 300 ground-mounted projects, making it one of the largest solar park developers in India, holding a 95% market share in the open access market of Rajasthan. The company has also completed numerous Solar EPC projects for the C&I segment and has a presence across 10 states in India, including Rajasthan, Madhya Pradesh, Haryana, and Delhi, along with an international presence in the UK and Sweden. The company plans to expand into other European countries and the UAE with this new funding.
Sunil Nyati, Managing Director of Swastika Investmart Ltd., commented, “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.”
Rahul Gupta, Founder and Director of Rays Power Experts Pvt. Ltd., added, “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.” With a vision of bolstering India’s embrace of a healthier energy mix, Rays Power Experts has successfully installed 800 MW of solar solutions across India.
The firm boasts a diverse portfolio of projects nationwide. Their solar energy solutions have a levelized cost of electricity (LCOE) that is cost-effective, making it financially more affordable than fossil fuels and other conventional energy sources. Rays Power Experts offers bankable solar power solutions while incorporating cutting-edge technology, expertise, and services. Notably, the company has executed the single largest project of 187 MW in Dhadla, Rajasthan, for its client Rising Sun.
The Indian solar EPC (Engineering, Procurement, and Construction) industry has experienced a robust CAGR of 15.4% from 2016 to 2024. As the world’s fifth-largest solar power generator, India is ambitiously targeting 270 GW of solar power generation by 2030, a goal supported by significant government initiatives.