Azure Power sells solar rooftop portfolio to Radiance Renewables
Post date: 07/04/2021 - 11:13
Indian independent solar power producer Azure Power Global Limited has signed a binding agreement to sell its non-core 152 MW solar rooftop portfolio to Radiance Renewables Pvt. Ltd. for a total consideration of $73.5 million. The rooftop portfolio generated $4.5 million in EBITDA for the 12 months ending December 30, 2020.
Azure Power owns a pan-India portfolio of 6.9 GW, of which 2.0 GW are operational, 0.9 GW are under construction and 4.0 GW have received a Letter of Award but for which PPAs have yet to be signed.
Radiance is an Indian provider of renewable energy solutions for commercial, industrial and residential customers. It is a subsidiary of the Indian Climate fund Green Growth Equity Fund (GGEF), managed by Eversource Capital. Its anchor investors are India's National Investment and Infrastructure Fund (NIIF) and the UK's Foreign, Commonwealth and Development Office (FCDO), which is also responsible for the UK's international projects following a reform last year. Eversource Capital is a 50:50 joint venture between multi-asset investment firm Everstone Capital and British developer of renewable projects Lightsource BP, with a global portfolio of more than 21 GW under development, construction and operation.
Radiance has an operational solar capacity of 95 MW across Maharashtra, Tamil Nadu, Karnataka, Chhattisgarh, Telangana and Rajasthan covering a total of 13 sites and currently has close to 40 MW of projects under construction and another 60 MW under development. The company is targeting a portfolio of 1.5 GW.