Radiance Renewables and InfraCo Asia, part of the Private Infrastructure Development Group (PIDG), announced a joint venture on Tuesday. The JV, named Radiance InfraCo Renewables, will develop a portfolio of greenfield renewable energy projects for commercial and industrial (C&I) clients in the country, enabling them to reduce carbon emissions in their supply chains and operations to meet their sustainability goals.
The JV will primarily focus on solar projects and explore opportunities in wind-solar hybrids. It will create a platform managed in compliance with international standards of ESG principles, the firms said.
Radiance Renewables, backed by Eversource Capital, has 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, including captive and third-party entities, and behind-the-meter (BTM)/rooftop customers across various industries.
“Radiance is committed to advancing the decarbonisation 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.
Radiance InfraCo Renewables is projected to avoid nearly 165,000 tonnes of carbon dioxide equivalent (tCO2e) greenhouse gas emissions each year, with an expected operating life of 25 years.
“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.