The company plans to grow its renewable energy portfolio beyond 2 GWp.Mumbai: Radiance Renewables, an Eversource Capital-backed renewable energy platform, has raised about $100 million in equity funding from Impact Fund Denmark and Dutch entrepreneurial development bank FMO, to support its next phase of expansion.
Impact Fund and FMO are investing approximately $50 million each, officials said.
Radiance plans to deploy the funds across greenfield solar projects, hybrid wind-solar assets and behind-the-meter installations for its core commercial and industrial (C&I) customers, scaling its operational and under-development renewable energy portfolio beyond 2 gigawatt-peak (GWp).
The company also intends to expand its offerings through battery energy storage solutions and invest in inter-state transmission projects to serve customers across key industrial states.
Thomas Hougaard, managing director and co-head of green energy and infrastructure at Impact Fund Denmark, said India remains a priority market for the fund’s clean energy strategy.
The investment comes amid rising demand for renewable power from India’s commercial and industrial sector, which is increasingly seeking reliable and cost-effective clean energy solutions to meet decarbonisation targets and manage energy costs.
Radiance, one of the key platforms in the C&I renewable energy space, said the expansion would also contribute to India’s broader energy transition by supporting greater integration of renewables into the national grid.
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