Page 11 - AsiaElec Week 14 2021

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India’s Azure Power sells solar rooftop

portfolio to Radiance Renewables

INDIA INDIA’S Azure Power is to sell its non-core solar Azure Power is a leading independent solar
rooftop portfolio to renewable energy supplier power producer with a portfolio of 6.9 GW, of
Radiance Renewables in a deal worth IN$5.4bn which 2 GW are operational, 0.9 GW under
($73.5mn). construction and 4 GW have received a letter of
Radiance Renewables is owned by Green award but for which PPAs have yet to be signed.
Growth Equity Fund (GGEF), India’s leading The company developed India’s first private
climate fund, which is managed by EverSource utility-scale solar project in 2009 and has been
Capital. at the forefront in the sector as a developer and
Azure’s rooftop portfolio generated operator of solar projects since its inception in
INR331mn ($4.5mn) in EBITDA in 2020. 2008.
Azure said it expected to take an estimated Radiance manages an operational capacity of
INR2.9-4.4bn ($40-60mn) one-time charge 95 MW across Maharashtra, Tamil Nadu, Kar-
subject to purchase price adjustments and other nataka, Chhattisgarh, Telangana and Rajasthan
conditions related to this sale. covering a total of 13 sites. It has close to 40 MW
Azure CEO Ranjit Gupta said: “This sale, of projects under construction and another 60
the first ever asset sale in Azure Power’s history, MW under development.
illustrates the company’s commitment to capital It aims to reach 1.5 GW of “open access” and
discipline. The sale of this non-strategic port- “behind the meter” projects
folio allows us to enhance returns on invested Radiance Renewables is one of India’s leading
capital through efficiency gains and cost optimi- providers of competitive renewable energy solu-
sation whilst recycling capital into higher return, tions for commercial, industrial and residential
committed projects. Our focus is on creation of customers, enabling them to achieve their sus-
shareholder value.” tainability goals.
Manikkan Sangameswaran, executive direc- Radiance is a 100% subsidiary of the Green
tor, Radiance Renewables said: “This strategic Growth Equity Fund. The fund has cornerstone
acquisition will position Radiance as a significant investments from India’s National Investment
pan-India player in the commercial, industrial and Infrastructure Fund “IIF”) and the UK’s For-
and institutional segments. This transaction eign, Commonwealth and Development Office
allows Radiance to bring its high-quality asset (FCDO).
management skills to improve asset performance EverSource Capital is a 50:50 joint venture
given its focus on enhancing and delivering value between Everstone Capital, one of Asia’s premier
to its stakeholders. We plan to introduce cut- multi-asset investment firms, and Lightsource
ting-edge asset management tools such as real- bp, a global leader in renewables, with a global
time monitoring with analytics and aim to make portfolio of more than 21 GW under develop-
Radiance a leading renewable energy as a service ment, construction and operation.™
(REaaS) player in India.”

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