Radiance Renewables today announced that it has signed an agreement with Azure Power Global to acquire solar rooftop assets of 152.5 megawatt capacity, including 8.1 MW of under-construction and 18.5 MW of recently commissioned assets, for Rs 536.5 crore.
Radiance provides renewable energy solutions for commercial, industrial and residential customers.
It is a 100% subsidiary of the Green Growth Equity Fund, a climate fund managed by EverSource Capital and anchored by the governments of Indian and the UK.
With this deal, Radiance will service customers such as Indian Railways and Delhi Metro Rail Corporation, where 99% of power purchase agreements are for 25 years.
“This is the first-ever sale in Azure Power’s history,” said Ranjit Gupta, chief executive officer, Azure Power.
Radiance manages an operational capacity of 95 MW in India across 13 sites. It has close to 40 MW of projects under construction and another 60 MW under development.
Radiance continues to build more projects under Open Access and Behind the Meter, targeting a portfolio of 1.5 gigawatt (GW).
EverSource Capital is a 50:50 joint venture between Everstone Capital and Lightsource bp, a global leader in renewables, with a portfolio of more than 21 GW under development, construction and operation.
Azure Power is a solar power producer with a pan-India portfolio of 6.9 GW, of which two GW is operational, 0.9 GW under construction and four GW has received a letter of award but PPAs are yet to be signed.