Radiance Renewables raises $100M from Impact Fund Denmark and FMO

Radiance Renewables, an Eversource Capital-backed company engaged in renewable energy solutions, on Monday raised $100 million in equity funding from Impact Fund Denmark (IFD) and FMO.

Impact Fund Denmark is Denmark government's investment fund for developing countries, and FMO is the Dutch Entrepreneurial Development Bank.

According to a statement, Radiance will deploy the new capital towards expanding its operational capacity to 2 gigawatt peak (GWp+) and developing a 1 GWp+ pipeline through greenfield solar, hybrid wind-solar, and behind-the-meter projects.

Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital, said, “As Radiance enters FY27, it is primed to accelerate its growth velocity, with enhanced operational capabilities and a strengthened balance sheet. The investment reinforces our conviction that well-structured renewable energy platforms can deliver sustained returns while meeting the evolving energy needs of India’s commercial and industrial sectors.”

Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure, Impact Fund Denmark, said, “India is a priority market within Impact Fund Denmark’s clean energy-focused investment strategy, and supporting credible platforms that accelerate decarbonisation in high-growth demand segments is central to our mandate.”

The company also aims to enhance its product offerings to customers through battery energy storage solutions and deploy capital in interstate transmission projects to service commercial and industrial (C&I) clients across key states. It will also strengthen the company’s ability to expand operations amid C&I decarbonisation demand.

Ludger Middendorp, Head of Private Equity Energy, FMO, said, “FMO remains steadfast in catalysing India’s low-carbon transition through platforms that deliver clean energy at scale alongside exemplary ESG practices. This commitment deepens our longstanding partnership with Eversource Capital, a proven leader in sustainable infrastructure investing.”