Eversource Capital-Backed Radiance Renewables Secures USD 100 Mn Equity Funding The fresh funds will be used to develop greenfield solar projects, hybrid wind-solar assets, behind-the-meter installations, battery storage solutions, and interstate transmission projects across industrial states.
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Radiance Renewables, an Eversource Capital-backed renewable energy company, has raised USD 100 million in equity funding from Impact Fund Denmark and the Dutch Entrepreneurial Development Bank (FMO).
The investment was announced on Monday and was led equally by the two investors, with each committing about USD 50 million.
Impact Fund Denmark is the Danish government's investment arm for developing countries, while FMO is the Netherlands-based development finance institution.
The fresh capital will be used to scale Radiance Renewables' presence in India's commercial and industrial clean energy market, where demand for reliable and low-carbon power has been increasing.
The company plans to deploy the funds across greenfield solar projects, hybrid wind-solar assets and behind-the-meter installations for its core commercial and industrial customers.
It is also preparing to expand into battery energy storage solutions and invest in inter-state transmission projects to serve clients across key industrial states.
With the new funding, Radiance aims to expand its operational capacity to over 2 gigawatt peak (GWp) and build a development pipeline exceeding 1 GWp. The expansion will focus on solar, wind-solar hybrid and on-site power projects.
Founded in 2018, Radiance Renewables is headquartered in Mumbai and develops, owns and operates renewable energy assets for C&I customers.
Its Indian peers include ReNew Power, Fourth Partner Energy, Amplus Solar and CleanMax.
