Radiance Renewables, provider of renewable energy solutions, will acquire solar rooftop assets worth 152 MW of Azure Power Global, for Rs536.5 crore.
Radiance is a 100% subsidiary of the Green Growth Equity Fund (GGEF), India’s leading Climate fund, managed by EverSource Capital.
Through this acquisition, Radiance will service high-quality customers such as Indian Railways, DMRC, JNV, DJB amongst others where 99% of PPAs are for 25 years, said a company statement.
“This strategic acquisition will position Radiance as a significant pan India player in the Commercial, Industrial and Institutional segments with exposure to long term power purchase agreements with quality customers based on net metering in the build-out of its distributed generation platform,” said Manikkan Sangameswaran, Executive Director, Radiance Renewables.
“At Azure, we are committed to capital discipline and our focus is on the creation of shareholder value. This sale allows us to enhance returns on invested capital through efficiency gains and cost optimization,” said Ranjit Gupta, CEO, Azure Power.
Radiance manages an operational capacity of 95 MW across India across 13 sites. It has close to 40 MW of projects under construction and another 60 MW under development.
