August 23 (Solar) – Indian solar plant builder Rays Power Infra Pvt Ltd is looking to raise between USD 60 million (EUR 52m) and USD 100 million in funding, an official told The Hindu BusinessLine.
The company is currently holding discussions on the matter with private equity and infrastructure finance firms, and hopes to unveil a deal in six months, Rahul Mishra, CEO of subsidiary Rays Future Energy, was quoted as saying.
Rays Power Infra needs the money to fund the construction of 150 MW of solar parks and its foray into the residential rooftop solar and energy storage markets. The company plans to sell rooftop solar systems and make lithium-ion batteries for both retail applications and large solar parks, the report says.
To date, the firm has constructed more than 650 MW of solar power facilities and currently owns some 60 MW of solar power generating capacity.
(USD 1.0 = EUR 0.865)