Radiance Renewables and the Private Infrastructure Development Group (PIDG) company, InfraCo Asia, have announced a joint venture– Radiance InfraCo Renewables Pvt Ltd
The JV will develop a portfolio of greenfield renewable energy projects for C&I clients in India, enabling them to reduce carbon emissions in their supply chain and operations to meet their sustainability goals.
Radiance InfraCo Renewables is projected to avoid approximately 165k tCO2e greenhouse gas emissions each year, with an expected operating life of 25 years. The JV would primarily focus on solar projects and explore opportunities in wind-solar hybrids.
The portfolio will contribute towards the UN Sustainable Development Goals – 7: Affordable and Clean Energy, 13: Climate Action and 5: Gender Equality. The JV will create a sustainable and scalable platform managed in compliance with international standards of ESG principles.
An Eversource Capital portfolio company, Radiance Renewables 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, comprising captive and third-party entities, and behind the meter (BTM) / rooftop customers across industries.
Strategic partnership
“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. This marks a significant step forward to offer both economic benefits and environmental stewardship,” said Manikkan Sangameswaran, Radiance Executive Director & CEO.
RE Potential
With adequate funding and support, renewable energy has the potential to power more than 20 per cent of the C&I sector’s needs through an increase in capacity to around 90 GW by 2030. This progress aligns with India’s target to source 50 per cent of the country’s cumulative electricity power capacity (~500GW) from renewables by 2030 and achieve net-zero carbon emissions by 2070.
With a strong focus on accelerating climate action, PIDG aims to mobilise US$25 billion by 2033 across South and Southeast Asia and Sub-Saharan Africa.
