Radiance Renewables bags $90 Mn Green Loan for solar power project in Maharashtra
EverSource Capital-backed Radiance Renewables Pvt. Ltd. secured a Green Loan Project Finance Facility for its 150 MW (AC) greenfield C&I solar power project located in Maharashtra. The company has an operating capacity of nearly 500 MWp, with a target to increase its capacity to 2 GWp in the next three years.
Radiance Renewables secured the Green Loan Project Finance Facility of approximately $90 million, which was jointly arranged by Axis Bank Limited and Standard Chartered Bank. Standard Chartered Bank acted as the sole green loan coordinator, aligning the transaction with the Loan Market Association’s Green Loan Principles and ensuring compliance with IFC Performance Standards and Equator Principles. Axis Bank Limited acted as the Escrow Bank in the transaction. Catalyst Trusteeship Services Limited acted as the Facility Agent and Security Trustee for the transaction.
Speaking about the development, Manikkan Sangameswaran, Executive Director, Radiance Renewables, said: “We have more than 15 lenders in our portfolio, and we remain committed to enhancing our partnership with lenders through strict compliance with all applicable regulations, adherence to global ESG principles, and robust execution.”
The facility will provide the necessary financing for the 150 MW (AC) solar project located in Maharashtra. Radiance Renewables, through its subsidiary, has entered into an Energy Supply Agreement with a large Global Data Center company with operations in Maharashtra (Consumer) to supply solar energy to the Consumer’s data centers in the state for the next 25 years. The project will be delivered in two phases, with the first phase of 50 MW (AC) already nearing completion. Financial closure, through definitive agreements, has already been achieved for both phases of the project.
Khaitan & Co. acted as the lender’s legal counsel, while Luthra and Luthra served as the borrower’s counsel. Tractebel Engineering Private Limited played the role of the lender’s technical advisor and India Insure Risk Management and Insurance Broking Services served as the lender’s insurance agent.
