Radiance Renewables raises $100 million equity from IFU and FMO

Radiance Renewables Private Limited has secured $100 million in equity investment from Impact Fund Denmark (IFU) and the Dutch entrepreneurial development bank FMO, with each institution committing $50 million.

IFU’s investment has been made through the Danish SDG Investment Fund II, which is backed by five Danish pension funds. The company stated that the equity infusion is expected to catalyse an additional $300 million in private sector debt. The funding will be used to develop and operate 926 MW of solar projects across India.

Radiance stated that the partnership will support expansion of its pan-India presence and enhance delivery of customised clean energy projects for C&I clients.

Radiance Renewables, headquartered in Mumbai, provides customised green energy solutions to commercial and industrial (C&I) customers. The company is backed by Eversource Capital. It currently oversees a 2 GW portfolio spanning operational, under-construction and development-stage projects. It serves nearly 70 C&I clients across Maharashtra, Karnataka, Tamil Nadu, Uttar Pradesh and Rajasthan. Radiance is targeting annual capacity addition of over 500 MW through hybrid solar-wind-storage parks through FY 2027.

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