PIDG Forms JV with Radiance Renewables to Boost RE Adoption in India
The joint venture will develop a portfolio of greenfield renewable energy projects for commercial and industrial (C&I) clients in India, enabling them to reduce carbon emissions in their supply chain and operations and meet sustainability goals.
June 12, 2024. By News Bureau
With an initial capacity target of 110-150MWp, Radiance InfraCo Renewables will support the creation of a sustainable and scalable platform managed in compliance with international standards of ESG principles. The projects in the portfolio are projected to avoid approximately 165k tCO2e greenhouse gas emissions each year, with an expected operating life of 25 years.
Approximately 280 construction jobs and 80 operational roles are expected to be created from the projects. The portfolio will contribute towards the UN Sustainable Development Goals – SDG 7: Affordable and Clean Energy; SDG 13: Climate Action; and SDG 5: Gender Equality. The initial phase of the joint venture is expected to mobilise approximately USD 75m in private sector capital towards accelerating climate action in India. In total, PIDG aims to mobilise USD 25b by 2033 across South and Southeast Asia and Sub-Saharan Africa.
“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.
“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 offer both economic benefits and environmental stewardship,” said Manikkan Sangameswaran, Radiance Executive Director & CEO.
please contact: contact@energetica-india.net.
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