Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Radiance Renewables Secures $100 Million Equity Infusion from Impact Fund Denmark and FMO

Radiance Renewables, the green energy platform backed by EverSource Capital, has raised $100 million in equity funding from Impact Fund Denmark and Dutch development bank FMO, with each investor committing $50 million.

The company said the capital will support expansion of its operational portfolio beyond 2 GWp and the development of a 1 GWp clean energy pipeline comprising greenfield solar projects, hybrid wind-solar installations, and behind-the-meter solutions across India.

Radiance had earlier disclosed in September 2025 that it was in discussions with Impact Fund Denmark and FMO regarding a potential equity investment.

Commenting on the fundraise, Dhanpal Jhaveri, Vice Chairman of the Everstone Group and CEO of EverSource Capital, said the investment positions Radiance to accelerate growth as it enters FY2027, supported by stronger operational capabilities and an improved balance sheet. He added that the funding reflects investor confidence in renewable platforms serving India’s growing commercial and industrial power demand.

The capital infusion comes at a crucial juncture for the company, which has faced concerns around liquidity and execution. Earlier this year, credit rating agency ICRA revised Radiance Renewables’ long-term rating to BBB+ with a negative outlook from A-, and downgraded its short-term rating to A2 from A2+.

Radiance said it also plans to broaden its product offering by integrating battery energy storage systems and investing in inter-state transmission infrastructure to enhance service delivery to commercial and industrial customers in key markets.

As of November 2025, the company had an operational solar capacity of 644 MWp, with approximately 217 MWp under construction and a near-term pipeline of around 256 MWp. These additions are expected to take installed capacity to close to 1.1 GWp over the next 12 to 15 months, with a longer-term target of reaching 2 GWp by FY2028.

Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure at Impact Fund Denmark, said India remains a priority market within the fund’s clean energy investment strategy. He added that backing scalable platforms that drive decarbonisation in fast-growing segments aligns closely with the fund’s mandate.