Radiance Renewables Secures USD 90 Million Green Loan for 150MW C&I Solar Project in Maharashtra
The USD 90 million facility, jointly arranged by Axis Bank and Standard Chartered Bank, will support the development of a 150MW greenfield C&I solar power project in Maharashtra.
November 04, 2023. By News Bureau
The USD 90 million facility, jointly arranged by Axis Bank and Standard Chartered Bank, will support the development of a 150MW greenfield C&I solar power project in Maharashtra.
Radiance Renewables presently operates with a capacity of about 500MW and aims to increase its capacity to 2GW in the next three years.
The company's subsidiary has entered into an energy supply agreement with a global data center company, committing to supply solar energy to the data centers for the next 25 years. The project will be executed in two phases, with the first 50MW nearing completion.
The financial closure for both project phases has been successfully achieved. Radiance Renewables is dedicated to fostering partnerships with its more than 15 lenders while adhering to regulatory compliance and global ESG principles.
Standard Chartered Bank served as the green loan coordinator, with Axis Bank as the Escrow Bank. Catalyst Trusteeship Services acted as the facility agent and security trustee, Khaitan & Co. as the lender's legal counsel, and Luthra and Luthra as the borrower's counsel. Tractebel Engineering Private provided technical advisory services, and India Insure Risk Management and Insurance Broking Services acted as the lender's insurance agent.
This significant transaction reaffirms Radiance Renewables' leadership in the C&I renewable energy sector, underscoring its commitment to India's renewable energy transition journey for the commercial and industrial segment.
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