Photo voltaic vegetation divestment frees India’s Rays Energy of all debt

Might 12 (Renewables Now) – Indian photo voltaic plant builder Rays Energy Infra Pvt Ltd has disposed of photo voltaic parks to 2 unnamed international traders for a complete sum exceeding INR 7 billion (USD 90.7m/EUR 85.9m), the Press Belief of India (PTI) reported, quoting an organization assertion.

The divested solar energy services are situated within the Indian states of Tamil Nadu, Karnataka and Telangana and have all been commissioned within the interval 2017-2020. The belongings are related to INR 4 billion of debt.

Not solely has this transaction freed Rays Energy of all of its debt, however has additionally offered the corporate with further funds to assist new photo voltaic tasks, as acknowledged by chief enterprise officer Vaibhav Roongta.

In accordance with the official, it would take the corporate lower than three years to arrange a brand new photo voltaic portfolio of three GW.

(INR 10 = USD 0.130/EUR 0.123)

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