People and wider economy
Between 30 to 50 per cent savings on electricity bills for businesses, thereby supporting productivity.
| Investee Company | Radiance InfraCo Renewables |
| Sector | Power/Energy |
| Country | India |
| Total Project Cost | USD 10.2m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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The commercial and industrial solar sector in India is moderately developed though the scale of energy transition required is significant. India’s energy mix is dominated by thermal power (75 per cent), of which 51 per cent is consumed by commercial and industrial actors. Their power demands are primarily met by grid power (63 per cent) and coal-fired onsite captive generation (27 per cent). Direct renewable energy procurement was estimated at 3.2 per cent in 2019. There is a move in the market towards renewables to reduce costs and meet operational renewable energy targets. Cumulative business energy capacity currently amounts to 16GW and is estimated to grow to around 47GW by 2027, a compounded annual growth rate of almost 23 per cent.
PIDG and Radiance Renewables established a platform to develop, own and operate 110MW, with the longer-term objective of developing 150MW, of renewable (solar, opportunistic wind and wind-solar hybrid) energy projects in India with commercial and industrial clients as off takers.
Between 30 to 50 per cent savings on electricity bills for businesses, thereby supporting productivity.
Avoiding 232k tCO2e of emissions per year through the addition of 110 MW of commercial and industrial solar.
