- The transaction deal has been finalized at Rs 536.5 crore
- This acquisition stands out to be one of the largest transactions of rooftop solar assets in India
Mumbai-based Radiance Renewables Pvt. Ltd., a 100% subsidiary of the Green Growth Equity Fund, has recently announced taking over Azure Power Global’s solar rooftop assets, for a transaction of Rs. 536.5 crore.
As per official sources, the deal includes over 152.4 megawatts of projects, of which 8.1 megawatts is currently under construction, and 18.5 megawatts of recently commissioned assets. Importantly, it has been claimed that the deal stands out to be one of the largest acquisitions of rooftop solar assets in the Indian subcontinent.
Reports have it that through these acquired projects, Radiance is looking forward to supplying power to large commercial consumer base including DMRC, Indian Railways, DJB, JNV, and others.
Speaking on the latest acquisition deal, Executive Director of Radiance Renewables, Manikkan Sangameswaran cited that the strategic acquisition is likely to position the company as a significant pan India player in the Industrial, Institutional, and Commercial segments with exposure to long term power purchase deals.
Mr. Sangameswaran mentioned that Radiance is currently planning to bring to the public its revolutionary and advanced asset management tools like real-time monitoring with analytics, enabling to let the company emerge as a leading REaaS conglomerate nationwide.
Meanwhile, Ranjit Gupta, CEO of Azure Power, commented that the latest transaction comes out to be the first-ever sale in Azure Power’s history and the team is elated to trade the solar rooftop assets to Radiance Renewables, backed by high quality stakeholders.
For the uninitiated, Radiance Renewables manages an operational capacity of 95 megawatts across over 13 Indian states. Moreover, it has nearly 40 megawatts of projects under construction and another 60 megawatts under development. In fact, the company is closely working towards building more projects under Open Access and Behind the Meter, targeting a portfolio of 1.5 megawatts.