Azure Power Sells 152 MW Solar Rooftop Portfolio to Radiance Renewables

Publié le 9 avr. 2021
Azure Power 
Azure Power Global Limited has signed a binding agreement to sell its non-core 152 MW solar rooftop portfolio to Radiance Renewables Pvt. Ltd. for a total consideration of $73.5 million. The rooftop portfolio generated $4.5 million in EBITDA for the 12 months ending December 30, 2020.

Azure Power owns a pan-India portfolio of 6.9 GW, of which 2.0 GW are operational, 0.9 GW are under construction and 4.0 GW have received a Letter of Award but for which PPAs have yet to be signed.

Radiance is the subsidiary of the Indian Climate fund Green Growth Equity Fund (GGEF), managed by Eversource Capital. Its anchor investors are India's National Investment and Infrastructure Fund (NIIF) and the UK's Foreign, Commonwealth and Development Office (FCDO), which is also responsible for the UK's international projects following a reform last year. Eversource Capital is a 50:50 joint venture between multi-asset investment firm Everstone Capital and British developer of renewable projects Lightsource BP, with a global portfolio of more than 21 GW under development, construction and operation.

Speaking on this occasion, Mr Ranjit Gupta, Chief Executive Officer, Azure Power said, “This sale, the first ever asset sale in Azure Power’s history, illustrates the company’s commitment to capital discipline. The sale of this non-strategic portfolio allows us to enhance returns on invested capital through efficiency
gains and cost optimisation whilst recycling capital into higher return, committed projects. Our focus is on creation of shareholder value.”

Radiance has an operational solar capacity of 95 MW across Maharashtra, Tamil Nadu, Karnataka, Chhattisgarh, Telangana and Rajasthan covering a total of 13 sites and currently has close to 40 MW of projects under construction and another 60 MW under development. The company is targeting a portfolio of 1.5 GW.

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