Radiance Renewables and InfraCo Asia, a part of UK-based investor Private Infrastructure Development Group (PIDG), have announced a joint venture (JV)–Radiance InfraCo Renewables—to develop greenfield renewable energy projects for commercial and industrial (C&I) clients in India.
The JV would primarily focus on solar projects and explore opportunities in wind-solar hybrids.
As an Eversource Capital portfolio company, Radiance Renewables is a renewable energy developer in India with a portfolio of more than 1 GW of operating and under-development capacity under its operational expenditure (OPEX) model. The company has 79 C&I customers, comprising captive and third-party entities, and behind-the-meter/rooftop customers across industries.
“Radiance is committed to advancing the decarbonization of the C&I sector, aiding Corporate India in its energy transition and combating the adverse impacts of climate change. Through our strategic partnership with PIDG, we’re bringing together our strengths to propel the journey towards a greener future. This marks a significant step forward to offer both economic benefits and environmental stewardship,” said Manikkan Sangameswaran, Radiance executive director and chief executive officer.
With a strong focus on accelerating climate action, PIDG aims to mobilise $25 billion by 2033 across South and Southeast Asia and Sub-Saharan Africa.
“At PIDG we have developed a scalable approach to mobilise finance and accelerate sustainable development impact where it is most urgently needed. By partnering with Radiance, we are bringing together our collective experience in structuring bankable renewable energy projects to encourage greater private sector participation in India. Through this scalable portfolio approach, we hope to add momentum to India’s transition towards achieving net zero emissions by 2070,” said Claudine Lim, InfraCo Asia director.
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