Radiance Renewables Obtains 152 MW Solar Roof Properties of Azure Power
- Radiance Renewables Pvt. Ltd. (Radiance), a gamer in the competitive renewable energy options for commercial, industrial and also residential customers has actually introduced an arrangement to obtain the solar rooftop assets of Azure Power Global Limited for Rs 536.5 crore covering 152.5 MW consisting of 8.1 MW of unfinished and also 18.5 MW of lately commissioned properties. Radiance is a 100% subsidiary of the Green Growth Equity Fund (" GGEF"), India's leading Climate fund, taken care of by EverSource Capital.
The present purchase makes it one of the biggest such deals in the rooftop solar properties area in India, catapulting Radiance among leading bracket solar rooftop players in the country. With this transformative acquisition, Radiance has actually acquired high-grade consumers such as Indian Railways, DMRC, JNV, DJB among others where 99% of PPAs are for 25 years.
Sharing his views on the statement, Manikkan Sangameswaran, Executive Director, Radiance Renewables Private Limited, claimed "This calculated procurement will certainly place Radiance as a significant frying pan India gamer in the Commercial, Industrial and also Institutional sectors with direct exposure to long term power acquisition contracts with quality clients based on web metering in the build-out of its distributed generation system. This deal allows Radiance to bring its high-grade possession monitoring abilities to enhance asset efficiency provided its concentrate on improving as well as supplying value to its stakeholders. We intend to present innovative asset monitoring tools such as real-time monitoring with analytics as well as objective to make Radiance, a leading Renewable Energy as a solution (REaaS) player in India."
On this procurement by Radiance, Dhanpal Jhaveri, Chief Executive Officer, EverSource Capital, stated" At EverSource, among our core programs is sustainability and this deal strengthens our dedication towards creating a clean and also lasting power environment. This investment will also help Radiance broaden its perspective of servicing C&I consumers, which will pave the way for it coming to be a leading player in its domain."
Ranjit Gupta, CEO, Azure Power claimed, "This is the first-ever sale in Azure Power's background and we are delighted to market these properties to a top notch concentrated C&I designer, Radiance Renewables, which is backed by excellent quality shareholders. At Azure, we are dedicated to capital technique and our focus is on the production of investor value. This sale allows us to boost returns on invested capital via efficiency gains and also cost optimization."
Radiance currently takes care of an operational capacity of 95 MW throughout India across 13 sites. It has near 40 MW of projects incomplete and also one more 60 MW under growth. Radiance continues to develop more jobs under Open Access as well as Behind the Meter, targeting a portfolio of 1.5 GW.