Radiance Renewables Private Limited
Navigating Renewable Energy Solutions And Sustainable Growth
Brand of the Month 2024
Renewable energy solutions providers are a necessity of the modern day with pollution being the most pressing issue. They contribute to combating climate change by reducing greenhouse gas emissions and decreasing the usage of fossil fuels. In our quest to publish the success stories of such ventures, we stumbled upon the profile of a leading player who is enjoying market dominance in the energy sector and created the same in a short span of time.
Radiance Renewables has emerged as a beacon of radical change for decarbonization and energy transitioning for corporate India. Solidifying its presence as a pioneer in the renewable energy industry by scaling up to 500 MW operational assets in little over 3.5 years, it brings a wealth of sustainable business solutions to help create a green identity in favor of its diverse clientele. There is so much more to explore for which we wanted to get in touch with the senior leadership of the institution.
We got the opportunity to conduct a one-on-one interview session with the Executive Director & CEO of the company. In an illuminating discussion with Manikkan Sangameswaran, he shared his insights on the future growth of the industry as well as the company and how to navigate through the complexities of renewable energy solutions while fostering sustainable growth.
This insightful conversation was successful in shedding light on the company’s innovative implementation, lucrative partnerships, and pledge to environmental leadership in the sector.
DRIVING VALUE THROUGH INNOVATIVE PARTNERSHIPS
Manikkan clearly outlined Radiance Renewables’ best-in-class plan for partnerships and emphasized the value of integrating renewable energy projects with customer needs. Exploring the concept of captive projects, where customers take an equity stake in projects, the CEO highlighted the benefits of such arrangements, including waiver of surcharges and enhanced savings.
Additionally, the concept of group captive consumers, where multiple customers collectively own equity stakes and off-take power, showcased the company’s flexibility in meeting diverse customer preferences.
COMPANY OVERVIEW
Radiance Renewables was established in 2018 and emerged as a prominent player in the renewable energy sector. It is backed by Eversource Capital, India’s foremost climate impact investor.
Eversource Capital is a joint venture between Everstone Group, an Asia-based investment manager with a robust portfolio exceeding US$7 billion that extends across private equity, sustainability, logistics, digital, and venture capital, and Lightsource bp -a frontrunner and leader in the global renewable energy asset development and management business.
ABOUT THE MISSION
Radiance Renewables has always strived to fulfill its commitment to pioneering technology solutions in every facet of project development. As part of Eversource Capital’s stewardship, it oversees India’s largest climate impact fund anchored by significant investments from India’s National Investment & Infrastructure Fund and the UK Government’s Foreign, Commonwealth & Development Office (FCDO), and stands poised to revolutionize the renewable energy landscape.
Well, what drives their convergence to innovation is the fact that each stage of their projects is infused with cutting-edge tech advancements. Embarking on the path of innovation, Radiance Renewables stands steadfast in its pursuit of delivering sustainable energy solutions that go beyond conventional boundaries and pave the way for a greener future.
DIVERSE MODELS FOR RENEWABLE ENERGY SOLUTIONS
Further extending the conversation with the CEO, we delved into various models employed by Radiance Renewables. The important ones involved third-party, group captive, and captive through Intra-state, Inter-state open access, and rooftop/behind-the-meter solutions.
These models have underscored their sheer promise to provide customizable and sustainable energy solutions that are usually tailored as per the unique customer requirements.
INNOVATIVE TECHNIQUES FOR GREEN ENERGY SOLUTIONS
The CEO further articulated the company’s future growth which includes solutions that involve renewable energy offerings from hybrid plants combining solar, wind energy, energy trading, and energy storage in various forms.
Exploration of battery energy storage solutions as one of their innovative lines of offerings. All of these initiatives are focused on addressing the growing demand for green power that ensures the reliability of the product offerings and affordability for customers.
HARNESSING THE POWER OF TECHNOLOGY
Tech dominance in human lives can’t be overstated. The world is under the great influence of tech advances changing our daily course of action. Likewise, Radiance Renewables has also enhanced its tech capabilities by leveraging cutting-edge technology. It includes Machine learning (ML) and artificial intelligence (AI) for advanced data analytics for operational performance and robotic cleaning to improve operational efficiency and sustainability.
Manikkan quipped that from AI-driven asset management to drone-based project monitoring, the tech integration they have facilitated plays a pivotal role in optimizing performance alongside being compliant with environmental standards aligned with the Company’s vision.
IMPACT AND ALIGNMENT WITH SUSTAINABLE DEVELOPMENT GOALS (SDGS)
Taking the interview forward, Manikkan emphasized that they put a great deal of focus on aligning their solutions as per the environmental, social, and governance (ESG) standards. Furthermore, the company has adopted UN Sustainable Development Goals (SDGs) 6, 7, and 13 and regularly monitors and reports on the same.
Under this section, there is a thorough measurement and mitigation of carbon emissions, water conservation efforts, and community engagement initiatives. Through its positive contribution and vision, Radiance Renewables creates ripples of positive impact on both the industry and society at large.
A CULTURE OF DIVERSITY AND INCLUSION
With the growing times, businesses are adamant about providing their employees with the most sophisticated ways to make growth on their professional as well as personal front. The senior leadership of Radiance Renewables never fails to keep Diversity, Equity, and Inclusion (DEI) at the forefront of its organizational culture.
The CEO walked us through the management’s commendable efforts to promote leadership development, reward innovation, and empower employees via free-of-cost learning and development initiatives.
In addition to the above, the company has also shown appreciative efforts in recognition of its CSR initiatives. So far, their skill training programs for women in rural communities display their commitment to social responsibility and inclusivity. In the years to come, more initiatives are yet to be enlisted in their endeavors to change lives at the ground level.
PROPELLING TOWARDS A SUSTAINABLE FUTURE
Towards the end of the conversation, we asked Manikkan to share the future plans for Radiance Renewables. To this, he responded that he envisions continued growth and innovation in the renewable energy sector led by the company which aims to lead Renewable Energy as a Service concept to the Commercial & Industrial segment.
They are aiming to continue with the accelerated growth trajectory by increasing their capacity quadruple their asset base and scale up from 510MW to 2GW in the next 2 years and offering diverse technological solutions from Hybrid (Wind Solar) and Storage solutions to customers.
Alongside this, they are swiftly embracing emerging market trends by starting a trading division. The company is poised to shape the future of sustainable energy consumption serve corporate India in its decarbonization efforts and support Indian companies in their journey of greening their businesses and becoming competitive on the global map of sustainable business solutions.
Radiance Renewables continues to illuminate the path towards a greener future for its clients as well as for individuals. Business Connect heartily congratulates it on its resounding business success and admires its adherence to innovation, sustainability, and social responsibility that serve as a guiding light of hope and inspiration for the renewable energy industry.
INSPIRING WORDS FROM THE CEO
As a closing remark, the CEO shared some words of wisdom with aspiring entrepreneurs. He urged them to pursue their passion with conviction and resilience no matter what the challenges are.
For this, he shared his journey from the financial services industry to renewable energy entrepreneurship. He wants budding entrepreneurs to recognize the importance of hard work, perseverance, and a ceaseless commitment to making a positive impact.
