Mumbai and Singapore – The Private Infrastructure Development Group (PIDG) company, InfraCo Asia, and Radiance Renewables announce a joint venture – Radiance InfraCo Renewables Private Limited. The joint venture will develop a portfolio of greenfield renewable energy projects for commercial and industrial (C&I) clients in India, enabling them to reduce carbon emissions in their supply chain and operations and meet sustainability goals.
With an initial capacity target of 110-150MWp, Radiance InfraCo Renewables will support the creation of a sustainable and scalable platform managed in compliance with international standards of ESG principles. The projects in the portfolio are projected to avoid approximately 165k tCO2e greenhouse gas emissions each year, with an expected operating life of 25 years. Approximately 280 construction jobs and 80 operational roles are expected to be created from the projects. The portfolio will contribute towards the UN Sustainable Development Goals – SDG 7: Affordable and Clean Energy; SDG 13: Climate Action; and SDG 5: Gender Equality.
The initial phase of the joint venture is expected to mobilise approximately US$75m in private sector capital towards accelerating climate action in India. In total, 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.”
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) and 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 offer both economic benefits and environmental stewardship,” said Manikkan Sangameswaran, Radiance Executive Director & CEO.”
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 will align 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 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. It also 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.
The joint venture has 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.
