Indian renewable energy company Radiance Renewables Pvt has successfully secured a green loan facility amounting to approximately $90 million (EUR 84.7 million) to support the development of a 150-megawatt solar project in the western region of India.
This financing initiative, as announced in a statement today, was jointly arranged by Axis Bank Limited and Standard Chartered Bank.
The solar project, strategically located in Maharashtra, is planned to be executed in two distinct phases, both of which have already achieved financial close. The first phase, which encompasses a power generation capacity of 50 megawatts, is now on the verge of completion.
Notably, the solar park has inked a 25-year power purchase agreement (PPA) with an undisclosed data center company, operating within the same state.
Radiance Renewables, with the support of EverSource Capital, is recognized as a prominent developer of commercial and industrial (C&I) renewable energy solutions. Presently, the company boasts an operational capacity of nearly 500 megawatts peak (MWp), with ambitious plans to scale up to 2 gigawatts peak (GWp) over the next three years. This strategic move underscores their commitment to advancing sustainable energy solutions in India.