Radiance to raise $150 million for 2GW expansion, introduces robotic solar cleaning – ET EnergyWorld – ETEnergyWorld

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New Delhi: Radiance, a leading renewable energy firm, is planning to raise $150 million in equity to fund its ambitious expansion to 2 gigawatts (GW) over the next three years, said CEO Manikkan Sangameswaran, adding that this is part of a larger trend of investment surge in the renewable energy industry. Speaking to ET Energyworld, Sangameswaran also outlined the company’s innovative move to use robotic cleaning for solar modules.

“We are in the advanced stages of raising $150 million to support our growth ambitions,” Sangameswaran said. He emphasized that this capital will ensure financial stability as Radiance scales up operations and embarks on new projects.

The funds will be used to secure land and connectivity for new projects. “We have secured land for 800 MW and are budgeting for another 1.2 GW,” he noted. Radiance is also diversifying its energy portfolio by integrating wind energy with its existing solar projects. “We aim to have at least 20-35% of our portfolio come from wind energy,” Sangameswaran added.

Sangameswaran explained that the Indian renewable energy market is rapidly growing, driven by corporate and industrial customers seeking reliable and cost-effective solutions. “Our growth philosophy is focused on serving corporate India,” he said.

A significant move by Radiance involves introducing robotic cleaning for its solar modules. “We are using robots for dry cleaning our solar panels, which saves water and allows for more frequent cleaning cycles,” Sangameswaran said. He highlighted that the robotic cleaners are powered by solar energy, making the process both sustainable and cost-effective.

Radiance is committed to its environmental, social, and governance (ESG) goals. “We have adopted Sustainable Development Goals (SDGs) six, seven, and 13, focusing on clean water, affordable and clean energy, and climate action,” Sangameswaran said. He mentioned that the company monitors its environmental impact meticulously, including water savings from its dry cleaning processes.

Investing in digitalization and automation is also a priority for Radiance. “We use machine learning for monitoring and drones for surveying our projects,” Sangameswaran said. These technologies not only improve efficiency but also ensure compliance with safety and environmental standards.

Looking ahead, Sangameswaran expressed optimism about the renewable energy sector in India. “The market for corporate renewable energy is expected to grow to 10 GW per annum by 2030,” he said. Radiance aims to capture a significant share of this market by continuing to innovate and expand its offerings.

“Our journey from 500 MW to 2 GW in three years is ambitious, but with the right strategy and capital, we are confident of achieving our goals,” Sangameswaran concluded.

  • Published On May 13, 2024 at 07:27 AM IST

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