Radiance Renewables Private Limited, a player in India’s commercial and industrial (C&I) renewable energy sector, has achieved a remarkable milestone by securing a Green Loan Project Finance Facility for its 150 MW (AC) greenfield C&I solar power project in Maharashtra. This achievement marks a significant step in India’s renewable energy landscape and reinforces Radiance’s position as a leader in the field.
The 150 MW solar power project, which boasts a 25-year Energy Supply Agreement with a major data centre operator active in Maharashtra, is set to significantly bolster the region’s renewable energy capacity. This partnership underscores the growing importance of sustainable energy sources for data centres, ensuring reliability and environmental responsibility in their operations.
The Green Loan Project Finance Facility, valued at approximately $90 million, was a joint effort by Axis Bank Limited and Standard Chartered Bank. Standard Chartered Bank took on the role of the sole green loan coordinator, ensuring alignment with industry standards, including the Loan Market Association’s Green Loan Principles, IFC Performance Standards, and Equator Principles. Axis Bank Limited served as the escrow bank for the transaction, while Catalyst Trusteeship acted as the Facility Agent and Security Trustee. Legal counsel for the lenders was provided by Khaitan & Co, with Luthra & Luthra representing the Borrower’s interests.
This achievement represents one of the largest single-ticket transactions in the C&I segment, reaffirming Radiance’s leading position and its unwavering commitment to driving the renewable energy transition in India’s C&I sector.
Radiance Renewables is a wholly-owned subsidiary of India’s largest climate impact fund managed by Eversource Capital. With an operational capacity of nearly 500 MWp, Radiance has set ambitious targets, aiming to reach a capacity of 2 GWp in the next two years. This substantial growth underscores the increasing importance of renewable energy and Radiance’s role in advancing the transition to sustainable and eco-friendly power solutions in India.