Radiance Renewables, an India-based clean energy company, has raised $100 million in fresh equity funding to accelerate its growth in the country’s renewable energy sector. The investment has come from two European development finance institutions, Impact Fund Denmark and FMO, the Dutch entrepreneurial development bank , with both investors contributing around $50 million each.
The funding will be used to expand Radiance Renewables’ portfolio of clean energy projects across India, especially for commercial and industrial (C&I) customers who are increasingly shifting to renewable power to cut costs and reduce carbon emissions. The company focuses on supplying green energy directly to businesses through long-term power purchase agreements.
Radiance Renewables currently operates more than 2 gigawatt-peak (GWp) of renewable energy assets and has a development pipeline of over 1 GWp. With the new capital, the company plans to invest in new solar power plants, hybrid wind-solar projects, and behind-the-meter solutions that allow factories and commercial units to generate power closer to where it is consumed.
A key part of the expansion strategy also includes battery energy storage systems, which help manage power supply during non-solar hours, and investments in inter-state transmission infrastructure to supply clean energy across multiple regions. These steps are aimed at offering reliable, round-the-clock renewable power to large energy consumers.
Company executives said the funding will strengthen Radiance’s financial position and support long-term growth as India moves towards its clean energy and decarbonisation targets. The investment is expected to help the firm scale operations over the next few years and support businesses looking to meet sustainability goals.
Investors highlighted India as a priority market for clean energy due to its strong policy support, rising power demand, and growing focus on sustainability. They also pointed to Radiance Renewables’ execution capabilities, governance standards and partnership with Eversource Capital as key reasons for backing the company.
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