Radiance Renewables has acquired 152.5 mw rooftop solar assets from Azure Power Global for Rs 536.5 crore. Radiance is subsidiary of a green growth equity fund managed by Everstone Group firm EverSource Capital.
The transaction is through the green growth equity fund, an equal joint venture between Singapore-based private equity firm Everstone Group and British solar green energy major Lightsource, the group said on Monday.
The transaction covers 152.5 mw of solar assets, including 8.1 mw of under-construction and 18.5 mw of recently commissioned assets.
Radiance manages an operational capacity of 95 mw across 13 sites. It has close to 40 mw of projects under construction and another 60 mw under development.
Azure Power, traded on the New York Stock Exchange, is an independent solar power producer with a pan-India portfolio of 6.9 gw as of February-end, of which 2 gw are operational, 0.9 gw under-construction and have letters of award for 4 gw, but with no power purchase agreements (PPAs).
Azure developed the country’s first private utility-scale solar project in 2009 and has been at the forefront in the sector as a developer and operator of solar projects since its inception in 2008.
The statement said this is one of the largest acquisitions of rooftop solar assets in the country as Radiance is one of the largest solar rooftop players.