RADIANCE RENEWABLES & THE PRIVATE INFRASTRUCTURE DEVELOPMENT GROUP (PIDG) FORM A JV TO ACCELERATE RENEWABLE ENERGY ADOPTION IN INDIA – EQ
The JV is projected to avoid approximately 165k tCO2e greenhouse gas emissions annually
This will support the decarbonisation of the Commercial and Industrial (C&I) sector in India which accounts for approximately 51% of the country’s energy consumption
Mumbai and Singapore : Radiance Renewables and the Private Infrastructure Development Group (PIDG) company, InfraCo Asia, announce a joint venture (JV) – Radiance InfraCo Renewables Private Limited. 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.
As an Eversource Capital portfolio company, Radiance Renewables is one of India’s fastest-growing renewable energy developers with 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.
“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.
With a strong focus on accelerating climate action, PIDG aims to mobilise US$25b by 2033 across South and Southeast Asia and Sub-Saharan Africa.
“At PIDG we have developed a scalable approach to mobilise finance and accelerate sustainable development impact where it is most urgently needed. By partnering with Radiance, we are bringing together our collective experience in structuring bankable renewable energy projects to encourage greater private sector participation in India. Through this scalable portfolio approach, we hope to add momentum to India’s transition towards achieving net zero emissions by 2070,” said Claudine Lim, InfraCo Asia Director.
With adequate funding and support, renewable energy has the potential to power more than 20% of the C&I sector’s needs through an increase in capacity to ~90GW by 2030. This progress aligns with India’s target to source 50% of the country’s cumulative electricity power capacity (~500GW) from renewables by 2030 and achieve net-zero carbon emissions by 2070.
This partnership resonates with Radiance Renewable’s mission to deliver economic value, mitigate carbon emissions, and promote sustainability across the entire value chain, encompassing ecosystem partners, environmental conservation, and investor interests. It also aligns with the core objectives outlined in PIDG’s 2023-2030 Strategy, which include increasing the pipeline of projects developed to meet international investment standards, mobilising domestic institutional capital for infrastructure investments, and deploying commercial and institutional capital in developing and emerging markets through blended finance structures.
The JV has also been highlighted at the IPEF Clean Economy Investor Forum as a contributor to Pillar III: Clean Economy of the Indo-Pacific Economic Framework (IPEF), which will support the IPEF partners towards achieving their climate goals by accelerating the deployment of clean technologies and facilitating investment.
