Indian solar developer Rays Power Infra has concluded 200 crore rupees ($28.5 million) in the first close of its debt and equity funding.

The investments came from Indian non-banking financial company DMI Finance.

Rays Power Infra plans to use most of the net proceeds to strengthen its footprint in the country and develop ground-mounted solar power projects.

Further, the company also plans to develop its co-development business model, a bespoke model that it has pioneered in the Indian solar industry and develop further assets on co-development basis.