- The joint venture is anticipated to prevent roughly 165,000 tons of CO2 equivalent greenhouse gas emissions each year.
- This significant reduction will aid in the decarbonization efforts of India’s Commercial and Industrial (C&I) sector, which currently consumes about 51% of the nation’s total energy.
11 June 2024, Mumbai and Singapore – Radiance Renewables, a leading player in India’s renewable energy sector, and InfraCo Asia, a company under the Private Infrastructure Development Group (PIDG), proudly announce the establishment of a new joint venture: Radiance InfraCo Renewables Private Limited. This strategic collaboration aims to develop a diverse portfolio of greenfield renewable energy projects targeting the commercial and industrial (C&I) sector in India. The initiative will support C&I clients in reducing their carbon footprints and achieving sustainability targets across their operations and supply chains.
Radiance InfraCo Renewables is set to significantly impact environmental sustainability by potentially avoiding approximately 165,000 tons of CO2 equivalent greenhouse gas emissions annually. With an anticipated operational lifespan of 25 years, the JV will primarily concentrate on solar energy projects while also exploring wind-solar hybrid solutions. These efforts align with key UN Sustainable Development Goals, specifically SDG 7: Affordable and Clean Energy, SDG 13: Climate Action, and SDG 5: Gender Equality. The JV will be governed by robust ESG (Environmental, Social, and Governance) standards, ensuring sustainable and scalable development.
As part of the Eversource Capital portfolio, Radiance Renewables is one of the fastest-growing renewable energy developers in India, boasting over 1 GW of capacity across operational and development stages under its OPEX model. The company serves 79 C&I customers, including captive and third-party entities, as well as behind-the-meter (BTM) or rooftop clients spanning various industries.
“Radiance is dedicated to driving the decarbonization of the C&I sector, facilitating Corporate India’s energy transition, and combating the detrimental effects of climate change. This partnership with PIDG leverages our combined expertise to accelerate the journey toward a sustainable future. This JV is a crucial step in providing economic benefits alongside environmental stewardship,” stated Manikkan Sangameswaran, Executive Director & CEO of Radiance Renewables.
PIDG has set ambitious goals to mobilize US$25 billion by 2033 across regions including South and Southeast Asia and Sub-Saharan Africa.
“At PIDG, our scalable approach to mobilizing finance aims to drive sustainable development where it is needed most. By teaming up with Radiance, we merge our experiences in structuring viable renewable energy projects to foster greater private sector involvement in India. This scalable portfolio strategy is expected to boost India’s progress towards net-zero emissions by 2070,” commented Claudine Lim, Director at InfraCo Asia.
India’s renewable energy sector is poised for remarkable growth, with potential to supply over 20% of the C&I sector’s energy needs by increasing capacity to around 90 GW by 2030. This growth trajectory aligns with India’s broader objectives of sourcing 50% of its total power capacity from renewables by 2030 and reaching net-zero carbon emissions by 2070.
This joint venture underscores Radiance Renewables’ mission to deliver economic value, significantly cut carbon emissions, and champion sustainability throughout the value chain. This encompasses partnerships within the ecosystem, environmental conservation, and alignment with investor interests. Moreover, it resonates with PIDG’s 2023-2030 Strategy, which emphasizes developing projects that meet global investment standards, mobilizing local institutional capital for infrastructure, and leveraging blended finance to engage commercial and institutional capital in emerging markets.
The JV has also been recognized at the IPEF Clean Economy Investor Forum for its contributions to the Indo-Pacific Economic Framework’s (IPEF) Pillar III: Clean Economy. This will support IPEF partners in achieving their climate goals by accelerating the deployment of clean technologies and encouraging investment in sustainable energy solutions.
