Radiance buys Azure’s 152 MW solar rooftop assets
Radiance Renewables, provider of renewable energy solutions, will acquire solar rooftop assets worth 152 MW of Azure Power Global, for Rs536.5 crore.
Radiance is a 100% subsidiary of the Green Growth Equity Fund (GGEF), India’s leading Climate fund, managed by EverSource Capital.
Through this acquisition, Radiance will service high-quality customers such as Indian Railways, DMRC, JNV, DJB amongst others where 99% of PPAs are for 25 years, said a company statement.
“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,” said Manikkan Sangameswaran, Executive Director, Radiance Renewables.
