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Radiance Renewables acquires solar rooftop assets of Azure Power for ₹536.5 crore


Mumbai-based Radiance Renewables Pvt Ltd, a wholly-owned subsidiary of Green Growth Equity Fund (GGEF), has entered into an agreement to acquire Azure Power Global Ltd’s solar rooftop assets for ₹536.5 crore.

The assets are based in India, while the deal covers 152.5 MW of assets including 8.1 MW that is under construction and 18.5 MW that was recently commissioned.

Following this acquisition, Radiance will be able service high-quality customers such as Indian Railways, Delhi Metro Rail Corporation and Delhi Jal Board amongst others where 99 per cent of power purchase agreement are for 25 years.

“This strategic acquisition will position Radiance as a significant pan-India player in the commercial, industrial and institutional segments with exposure to long-term power purchase agreements with quality customers based on net metering in the build-out of its distributed generation platform. This transaction allows Radiance to bring its high-quality asset management skills to improve asset performance given its focus on enhancing and delivering value to its stakeholders,” Radiance Renewables Executive Director Manikkan Sangameswaran said.

“This investment will help Radiance broaden its horizon of servicing commercial and industrial customers, which will pave the way for it becoming a leading player in its domain,” Dhanpal Jhaveri, CEO at EverSource Capital, which manages GGEF, said.

Khaitan & Co. were the legal advisers to Radiance Renewables.

NYSE-listed Azure Power is an independent solar power producer with a pan-India portfolio of 6.9 GW as on February 28, of which 2.0 GWs are operational, 0.9 GWs are under construction and 4.0 GWs have received a Letter of Award but for which PPAs are yet to be signed.

“This sale allows us to enhance returns on invested capital through efficiency gains and cost optimisation,” Ranjit Gupta, CEO of Azure Power, said.

Radiance manages an operational capacity of 95 MW across India in 13 sites. It has close to 40 MW of projects under construction and another 60 MW under development.


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