Renewable energy platform Radiance Renewables raises $100 million from Impact Fund Denmark and FMO

Radiance Renewables, an Eversource Capital-backed renewable energy platform, has raised about $100 million in equity funding from Impact Fund Denmark and FMO to support its next phase of expansion in India’s commercial and industrial renewable energy market.

Impact Fund Denmark, the Danish government’s investment fund for developing countries, and FMO, the Dutch Entrepreneurial Development Bank, are investing approximately $50 million each.

The company said the capital will be deployed to scale its operational renewable energy capacity beyond 2 gigawatt-peak (GWp) and to develop a pipeline of more than 1 GWp through greenfield solar projects, hybrid wind-solar assets, and behind-the-meter installations for C&I customers.

Radiance also plans to expand its offerings through battery energy storage solutions and invest in inter-state transmission projects to serve clients across key industrial states, amid rising demand for reliable and cost-effective clean power to meet decarbonisation targets.

“As Radiance enters FY27, it is primed to accelerate its growth velocity, with enhanced operational capabilities and a strengthened balance sheet,” said Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital.

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, adding that supporting credible platforms accelerating decarbonisation is central to its mandate.

Ludger Middendorp, Head of Private Equity Energy at FMO, said the investment deepens FMO’s longstanding partnership with Eversource Capital and supports India’s low-carbon transition through scalable clean energy platforms with strong ESG practices.

Eversource Capital is an equal joint venture between Everstone Group and Lightsource bp, Europe’s largest solar developer.