Radiance Renewables to Buy Azure Power’s 152.5 MW Rooftop Solar Portfolio for about Rs 536.5 Cr

Radiance Renewables, a 100 per cent subsidiary of India’s leading Climate fund Green Growth Equity Fund (GGEF) managed by EverSource Capital, has signed an agreement to acquire Azure Power’s solar rooftop assets for about Rs 536.5 crore covering 152.5 MW including 8.1 MW of under construction and 18.5 MW of recently commissioned assets.

April 05, 2021. By Manu Tayal

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Radiance Renewables, a 100 per cent subsidiary of India’s leading Climate fund Green Growth Equity Fund (GGEF) managed by EverSource Capital, has signed an agreement to acquire Azure Power’s solar rooftop assets for about Rs 536.5 crore covering 152.5 MW including 8.1 MW of under construction and 18.5 MW of recently commissioned assets.

This is one of the largest acquisitions of rooftop solar assets in India which makes Radiance, one of the largest solar rooftop players in the country. Through this transformative acquisition, Radiance will service high-quality customers such as Indian Railways, DMRC, JNV, DJB amongst others where 99 per cent of PPAs are for 25 years.

Commenting on the development, Manikkan Sangameswaran, Executive Director, Radiance Renewables, said “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. This transaction allows Radiance to bring its high-quality asset management skills to improve asset performance given its focus on enhancing and delivering value to its stakeholders. We plan to introduce cutting-edge asset management tools such as real-time monitoring with analytics and aim to make Radiance, a leading Renewable Energy as a service (REaaS) player in India.”

“At EverSource, one of our core agendas is sustainability and this transaction reinforces our commitment towards creating a clean and sustainable energy ecosystem. This investment will also help Radiance broaden its horizon of servicing C&I customers, which will pave the way for it becoming a leading player in its domain,” said Dhanpal Jhaveri, CEO of EverSource Capital.

Ranjit Gupta, CEO, Azure Power said, “this is the first-ever sale in Azure Power’s history and we are delighted to sell these assets to a high-quality focused C&I developer, Radiance Renewables, which is backed by high quality shareholders. 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.”

Radiance manages an operational capacity of 95 MW pan 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 GW.

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