Radiance, InfraCo JV Boosts India’s Renewable Push

Mumbai: In a significant move to bolster renewable energy adoption in India, Radiance Renewables and Singapore’s InfraCo Asia, part of the Private Infrastructure Development Group, announced the formation of a joint venture (JV) named Radiance InfraCo Renewables Private Ltd. This strategic partnership aims to develop a robust portfolio of greenfield renewable energy projects targeting commercial and industrial (C&I) clients across India.

The collaboration is set to play a crucial role in helping both firms achieve their sustainability objectives by significantly reducing carbon emissions throughout their supply chains and operations. According to the official press release, the newly established JV is projected to avoid approximately 165,000 tonnes of CO2 equivalent greenhouse gas emissions annually, with an expected operational lifespan of 25 years.

Primarily, the JV will concentrate on solar energy projects while also exploring opportunities in wind-solar hybrid solutions. The partnership aims to create a sustainable and scalable platform that adheres to international standards of Environmental, Social, and Governance (ESG) principles. This focus on ESG compliance underscores the JV’s commitment to responsible and sustainable business practices.

Radiance Renewables, a Mumbai-based renewable energy developer and an Eversource Capital portfolio company, currently manages over 1 GW of operating and under-development capacity under its operational expenditure model. The company’s substantial experience and expertise in the renewable energy sector will be instrumental in the successful execution and expansion of the JV’s projects.

A spokesperson from Radiance Renewables highlighted the strategic importance of the partnership, stating, “Through this strategic partnership, 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.”

InfraCo Asia, known for its extensive infrastructure development initiatives, aims to mobilise $25 billion by 2033 across South and Southeast Asia and Sub-Saharan Africa. The firm’s collaboration with Radiance Renewables is part of its broader strategy to enhance sustainable infrastructure development in emerging markets.

The partnership is poised to not only contribute to India’s renewable energy capacity but also support the country’s broader climate goals by reducing dependence on fossil fuels and mitigating greenhouse gas emissions. With India’s growing energy demand, the Radiance InfraCo Renewables JV is well-positioned to play a pivotal role in driving the nation’s transition to a sustainable energy future.