Radiance Renewables secures green loan for solar project

EverSource Capital-backed Radiance Renewables Pvt. Ltd. has secured a green loan project finance facility for its 150 MW (AC) greenfield commercial and industrial (C&I) solar power project located in Maharashtra. The company has an operating capacity of nearly 500 MWp, with a target to increase its capacity to 2 GWp in the next three years.

Radiance Renewables secured the green loan project finance facility of approximately $90 million, which was jointly arranged by Axis Bank Limited and Standard Chartered Bank. Standard Chartered Bank acted as the sole green loan coordinator, aligning the transaction with the Loan Market Association’s Green Loan Principles and ensuring compliance with IFC Performance Standards and Equator Principles. Axis Bank Limited acted as the Escrow Bank in the transaction. Catalyst Trusteeship Services Limited acted as the Facility Agent and Security Trustee for the transaction.

The facility will provide the necessary financing for the 150 MW (AC) solar project located in Maharashtra. Radiance Renewables, through its subsidiary, has entered into an energy supply agreement with a large global data center company with operations in Maharashtra to supply solar energy to the consumer’s data centers in the state for the next 25 years. The project will be delivered in two phases, with the first phase of 50 MW (AC) already nearing completion. Financial closure, through definitive agreements, has already been achieved for both phases of the project.

This is an extract from company’s press release