Radiance Renewables Raises USD 100 Million to Expand Solar, Hybrid, and Storage Portfolio in India

Radiance Renewables has secured approximately USD 100 million in equity funding from two international development finance institutions—Impact Fund Denmark and FMO. Each investor contributed around USD 50 million to the funding round. Radiance Renewables operates as a platform backed by Eversource Capital, which focuses on scaling climate and sustainability-driven businesses across India.

The fresh capital will support Radiance Renewables’ next phase of growth, with a clear focus on expanding its renewable energy footprint across India. The company plans to invest in greenfield solar projects, hybrid wind-solar assets, and behind-the-meter solutions designed for its core commercial and industrial (C&I) customer base. 

These investments are expected to take Radiance’s operational and under-development portfolio well beyond its current capacity of over 2 gigawatt-peak (GWp).

Entry into Energy Storage and Transmission Infrastructure

As part of its expansion strategy, Radiance Renewables also plans to integrate battery energy storage systems (BESS) into its project portfolio. The company will additionally invest in interstate transmission infrastructure, enabling it to supply clean power to a broader set of industrial consumers across multiple regions. 

Thomas Hougaard, Managing Director at Impact Fund Denmark, highlighted India as a priority market for the fund’s clean energy investments. The investment reflects strong demand from India’s commercial and industrial sector, where businesses are increasingly seeking reliable and cost-effective renewable energy solutions. Rising electricity costs and tightening decarbonisation targets are accelerating the shift toward clean power procurement.

Supporting India’s Energy Transition

Radiance Renewables’ expansion comes at a time when India’s power demand is rising sharply, alongside a growing emphasis on clean energy adoption. The firm focuses on scaling solar, hybrid, and storage-backed solutions for C&I customers.