Radiance Renewables, a subsidiary of Green Growth Equity Fund and backed by EverSource Capital, has secured a $90 million Green Loan Project Finance Facility for its 150 MW (AC) greenfield commercial and industrial (C&I) solar power project in Maharashtra.

Axis Bank and Standard Chartered Bank collaborated to organize the green loan, with Standard Chartered Bank overseeing green loan compliance, including the Loan Market Association’s Green Loan Principles, IFC Performance Standards, and Equator Principles.

The 150 MW project is progressing in two phases, with the first 50 MW phase near completion and financial closure secured for both phases. The company has inked a 25-year energy supply agreement with a global data center company in Maharashtra.

Manikkan Sangameswaran, Executive Director of Radiance Renewables, said, “This development underlines the strong process-oriented approach, ESG & HSE focus, and implementation ability of the company. We have more than 15 lenders in our portfolio, and we remain committed to enhancing our partnership with lenders through strict compliance with all applicable regulations, adherence to global ESG principles, and robust execution.”

Radiance Renewables has an operational capacity of nearly 500 MW and plans to increase its capacity to 2 GW within the next three years.

The Reserve Bank of India introduced a framework for banks and other financial institutions to accept ‘Green Deposits,’ effective from June 1, 2023,  to promote green finance, address greenwashing, and back renewable energy projects. The framework emphasizes alignment with the Indian green taxonomy.

In line with the RBI’s guidelines, Canara Bank launched its Green Deposit Policy in August to channel funds into solar and wind energy projects.

Private sector ICICI Bank said it had provided loans amounting to ₹556 billion (~$6.7 billion) to sectors like renewable energy, electric vehicles, and green-certified real estate, among other important lending areas in the fiscal year 2023. The portfolio dedicated to green financing constituted 21.4% or ₹119 billion (~$1.4 billion) of the total amount lent.