Rays Power Experts secures $2.4M via equity funding

Indian full-service solar park developer Rays Power Experts has successfully raised USD 2.4 million in equity funding led by Swastika Investmart Ltd as the lead advisor. Other notable investments are the Sunil Singhania family office, Vyom Wealth Advisors, Lalit Dua of Rajasthan Global Securities, Vineet Arora of NAV Capital, and Moheet Agarwal.

The capital infusion will enable Rays Power Experts Pvt. Ltd. to expand its footprint and undertake new solar projects both domestically and internationally.

The company has developed six solar parks and over 300 ground-mounted projects, making it one of India’s largest solar park developers with a 95% market share in Rajasthan’s open access market.

Rays Power Experts has successfully executed numerous Solar EPC projects for the C&I segment and has a presence across ten 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., 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. Their esteemed clients include specific properties of Taj Hotels Jaipur, Radisson Blu, Marriott Hotel, The Leela, NHPC, SJVNL, Borosil, Inox Air, Jaquar, Airport Authority, Delhi Metro, and many more. 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, 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.” With a vision of bolstering India’s vision of embracing a healthier energy mix, Rays Power Experts has successfully installed 800MWs of solar solutions across India.

The firm has a diverse portfolio of projects across the country. Their solar energy solutions have an LCOE (levelized cost of electricity) that is cost-effective, making it financially affordable than fossil fuels and other conventional sources of energy. Rays Power Experts offers bankable solar power solutions while incorporating technology, expertise, and services. Company has executed single largest project of 187 mw in Dhadla raj 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 5th largest solar power generator, India is ambitiously targeting 270 GW of solar power generation by 2030. This government support is set to further propel the sector’s growth.