Radiance Renewables secures $90 million green loan for 150 MW C&I solar project


EverSource Capital-backed Radiance Renewables has become the first commercial & industrial (C&I) renewable energy player in India to secure a green loan project finance facility. The developer secured around $90 million in green loans and said it would use the debt facility to finance the development of its 150 MW (AC) PV project in Maharashtra. The project will supply power to a global data center player with operations in the state of Maharashtra. 

Radiance Renewables, through its subsidiary, has entered into a 25-year energy supply agreement with the offtaker (data center). 

The project will be delivered in two phases, with the first phase of 50 MW (AC) already nearing completion. Financial closure, through definitive agreements, has already been achieved for both phases of the project.

Radiance Renewables has an operating capacity of nearly 500 MWp and targets to scale it to 2 GWp in the next three years.

The green loan project finance facility of $90 million was jointly arranged by Axis Bank and Standard Chartered Bank. 

“Standard Chartered Bank acted as the sole green loan coordinator, aligning the transaction with the Loan Market Association’s Green Loan Principles and ensuring compliance with IFC Performance Standards and Equator Principles. Axis Bank Ltd acted as the Escrow Bank in the transaction. Catalyst Trusteeship Services Ltd acted as the Facility Agent and Security Trustee for the transaction,” stated Radiance Renewables.

Khaitan & Co. acted as the lender’s legal counsel, while Luthra and Luthra served as the borrower’s counsel. Tractebel Engineering played the role of the lender’s technical advisor and India Insure Risk Management and Insurance Broking Services served as the lender’s insurance agent.

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