Radiance Renewables today announced that it has signed an agreement with Azure Power Global to acquire 152.5-megawatt solar roof equipment, including 8.1 MW of small construction and 18.5 MW of newly shipped goods, for Rs 536.5 crore.
Radiance provides renewable energy solutions to commercial, industrial and residential customers.
He is a 100% contributor to the Green Growth Equity Fund, a climate fund funded by EverSource Capital and funded by the Indian and UK governments.
With this agreement, Radiance will serve clients such as Indian Railways and Delhi Metro Rail Corporation, where 99% of power purchase agreements are for 25 years.
“This is the first sale in the history of Azure Power,” said Ranjit Gupta, chief executive officer, Azure Power.
Radiance controls the operating capacity of 95 MW in India at 13 sites. It has 40 MW of projects under construction and another 60 MW under development.
Radiance continues to build several projects under Open Access and Behind the Meter, targeting a 1.5 gigawatt (GW) portfolio.
EverSource Capital is a 50:50 joint venture between Everstone Capital and Lightsource bp, a global leader in renewals, with a portfolio of more than 21 GW under development, construction, and operation.
Azure Power is a solar power producer with a port-port port of 6.9 GW, with 2 GW operators, 0.9 GW under construction, and 4 GW recipients of the award but PPAs are yet to be signed.