Domestic solar power company Radiance Renewables has collaborated with InfraCo to boost India’s adoption of renewable energy.
Radiance Renewables and InfraCo Asia, a Private Infrastructure Development Group (PIDG) division, announced their joint venture on Tuesday. Their partnership, under the name Radiance InfraCo Renewables Private Limited, aims to cultivate new renewable energy initiatives tailored for commercial and industrial (C&I) customers in India.
The collaboration will concentrate on solar projects while investigating possibilities in wind-solar hybrids. As the companies have stated officially, a platform will be established and operated in accordance with international environmental, social, and governance (ESG) principles.
Radiance InfraCo Renewables is estimated to prevent approximately 165,000 tonnes of carbon dioxide equivalent (tCO2e) greenhouse gas emissions annually, over a projected operational lifespan of 25 years.
The endeavour will also assist the two entities to curtail carbon emissions within their supply chains and operations, thus aligning with their sustainability objectives.
Manikkan Sangameswaran, executive director & CEO at Radiance Renewables, mentioned that their focus is on advancing the decarbonisation of the C&I sector, aiding Corporate India in its energy transition, and addressing the adverse impacts of climate change. He highlighted that this partnership with PIDG will drive progress towards a greener future.
Claudine Lim, director at InfraCo Asia, emphasised that the combined experience in structuring viable renewable energy projects will enhance private sector involvement in India. Through this portfolio approach, they aim to contribute to India’s transition towards achieving net zero emissions by 2070.
Radiance Renewables, supported by Eversource Capital, manages a portfolio of over 1 GW of operational and under-development capacity under its operational expenditure (OPEX) model. The Mumbai-based company serves 79 C&I customers, comprising captive, third-party, and behind-the-meter (BTM)/rooftop clients from diverse industries. It seeks to raise $25 billion by 2033 throughout South and Southeast Asia, and Sub-Saharan Africa.
InfraCo Asia aims to stimulate private sector investments necessary to address the infrastructure deficit in emerging and frontier markets across Asia. The Singapore-based company leverages funding and expertise to reduce risks in the early phases of socially responsible and sustainable infrastructure projects.
