Radiance Renewables buys Azure's solar rooftop assets for Rs 536 cr

Radiance Renewables Pvt Ltd, a 100 per cent subsidiary of the Green Growth Equity Fund, a leading Climate fund managed by EverSource Capital, signed an agreement to acquire solar rooftop assets of Azure Power Global Limited.

Radiance said the deal size was Rs 536.5 crore and includes 152.5 Mw of projects, out of which 8.1 Mw is under construction and 18.5 Mw of recently commissioned assets.

This is one of the largest acquisitions of rooftop solar assets in India, the company said  

Through these projects, Radiance will supply power to large commercial consumer base including Indian Railways, DMRC, JNV, DJB among others.

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. 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.”

Radiance manages an operational capacity of 95 MW across 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.

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."