Radiance Renewables, a leading renewable energy developer in India, and InfraCo Asia, a company under the Private Infrastructure Development Group (PIDG), have announced the formation of Radiance InfraCo Renewables Private Limited. This joint venture aims to develop greenfield renewable energy projects for Commercial and Industrial (C&I) clients, helping them meet sustainability goals and significantly reduce carbon emissions.
With a strong focus on solar and potential wind-solar hybrid projects, Radiance InfraCo Renewables is set to avoid approximately 165,000 tons of CO2 equivalent emissions annually, contributing to UN Sustainable Development Goals including Affordable and Clean Energy, Climate Action, and Gender Equality. The venture promises to uphold international ESG standards while creating a scalable and sustainable energy platform.
Radiance Renewables, backed by Eversource Capital, boasts a portfolio exceeding 1 GW and serves 79 C&I customers across various industries. Manikkan Sangameswaran, Executive Director & CEO of Radiance, emphasizes the JV’s role in aiding Corporate India’s energy transition and advancing climate action.
“Radiance is committed to advancing the decarbonisation of the C&I sector, aiding Corporate India in its energy transition and combating the adverse impacts of climate change. Through our strategic partnership with PIDG, we’re 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,” said Manikkan Sangameswaran, Radiance Executive Director & CEO.
Claudine Lim, InfraCo Asia Director, highlights the partnership’s potential to mobilize private sector investment and accelerate India’s journey towards net-zero emissions by 2070.
“At PIDG we have developed a scalable approach to mobilise finance and accelerate sustainable development impact where it is most urgently needed. By partnering with Radiance, we are bringing together our collective experience in structuring bankable renewable energy projects to encourage greater private sector participation in India. Through this scalable portfolio approach, we hope to add momentum to India’s transition towards achieving net zero emissions by 2070,” said Claudine Lim, InfraCo Asia Director.
This JV aligns with India’s ambitious renewable energy targets and PIDG’s strategic goals, aiming to mobilize significant investment and foster sustainable development across South and Southeast Asia. The initiative has also been recognized at the IPEF Clean Economy Investor Forum, supporting climate goals through the deployment of clean technologies.