Radiance Renewables has secured a green loan of approximately USD 90 million for the development of its solar project in Maharashtra. The company has an operating capacity of about 500 MW with a target to increase its capacity to 2 GW in the next three years.

Nov 2, 2023

Radiance Renewables Private to support the development of a 150-MW solar project in the western part of the country, has recently secured a green loan of approximately USD 90 million. According to the statement released, the financing was jointly done by Axis Bank Limited and Standard Chartered Bank. The planned solar farm which is situated in Maharashtra will be set up in two phases, both of which have achieved financial close. The first phase of the project is already near completion which comprises 50 MW of power generating capacity. The solar park has a 25-year power purchase agreement (PPA) in place with an unnamed data centre company that operates in the same state. Backed by EverSource Capital, Radiance is a commercial and industrial (C&I) renewable energy developer. The company has an operating capacity of nearly 500 MWp and is seeking to increase it to 2 GWp in the next three years.