Radiance Renewables and InfraCo Asia, both integral members of the Private Infrastructure Development Group (PIDG), have unveiled a collaborative effort. Under the banner of Radiance InfraCo Renewables, this joint venture aims to spearhead the development of a range of fresh renewable energy projects tailored for commercial and industrial (C&I) clients within the nation. These initiatives are poised to assist these clients in curbing carbon emissions across their supply chains and operational spheres, aligning with their overarching sustainability objectives.
The joint venture will concentrate primarily on solar initiatives while also delving into potential ventures in wind-solar hybrid projects. Both companies emphasize that the venture will establish a platform managed in accordance with internationally recognized ESG principles. Radiance Renewables, supported by Eversource Capital, boasts a portfolio exceeding 1 GW in operating and under-development capacity under its operational expenditure (OPEX) model. With 79 commercial and industrial (C&I) clients, including captive, third-party entities, and behind-the-meter (BTM)/rooftop customers spanning diverse industries, the company is well-positioned in the market.
“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”, Manikkan Sangameswaran, Executive Director & CEO at Radiance Renewables, said. It's anticipated that Radiance InfraCo Renewables will prevent approximately 165,000 tonnes of carbon dioxide equivalent (tCO2e) greenhouse gas emissions annually over its anticipated 25-year operational lifespan.
“At PIDG, we have developed a scalable approach to mobilize 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.