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Radiance Renewables and PIDG Form Joint Venture to Boost Renewable Energy Adoption in India

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Radiance Renewables and PIDG Form Joint Venture to Boost Renewable Energy Adoption in India

Radiance Renewables and the Private Infrastructure Development Group (PIDG) company, InfraCo Asia, have announced a new joint venture, Radiance InfraCo Renewables Private Limited, aimed at accelerating the adoption of renewable energy in India’s Commercial and Industrial (C&I) sector. This initiative is projected to reduce approximately 165,000 tons of CO2e greenhouse gas emissions annually, significantly supporting the decarbonization of a sector that consumes around 51% of the nation’s energy.

The joint venture will primarily focus on developing greenfield solar projects, with plans to explore wind-solar hybrid opportunities. Over its expected 25-year operating life, Radiance InfraCo Renewables is set to make substantial contributions towards several UN Sustainable Development Goals, including Affordable and Clean Energy (Goal 7), Climate Action (Goal 13), and Gender Equality (Goal 5). The platform will adhere to international Environmental, Social, and Governance (ESG) standards, ensuring sustainable and scalable growth.

Radiance Renewables, a portfolio company of Eversource Capital, is recognized as one of India’s fastest-growing renewable energy developers, with over 1 GW of operating and under-development capacity under its OPEX model. Serving 79 C&I customers across various industries, Radiance is dedicated to reducing carbon footprints through innovative energy solutions.

“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 are 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, Executive Director & CEO, Radiance.

PIDG, with a strong focus on climate action, aims to mobilize $25 billion by 2033 across South and Southeast Asia and Sub-Saharan Africa. Claudine Lim, InfraCo Asia Director, highlighted the potential impact of this partnership, stating, “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.”

With sufficient funding and support, renewable energy could power over 20% of the C&I sector’s needs, potentially increasing capacity to around 90 GW by 2030. This aligns with India’s goals of sourcing 50% of its cumulative electricity power capacity from renewables by 2030 and achieving net-zero carbon emissions by 2070.

The partnership underscores Radiance Renewables’ 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 PIDG’s 2023-2030 Strategy, which focuses on developing projects that meet international investment standards, mobilizing domestic capital for infrastructure investments, and deploying capital in emerging markets through blended finance structures.

The JV was highlighted at the IPEF Clean Economy Investor Forum as a significant contributor to Pillar III: Clean Economy of the Indo-Pacific Economic Framework (IPEF), supporting climate goals by accelerating clean technology deployment and facilitating investment.

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