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.
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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.
