In the renewable energy sector, a clean energy platform known as Radiance Renewables with backing from Eversource Capital secured an equity funding worth $100 million from two other prominent international investors: the Denmark-based Impact Fund and the Dutch entrepreneurial development bank FMO.
This means each financier is contributing roughly $50 million, reflecting strong, globe-leading confidence in India’s renewable energy potential, as well as Radiance’s growth strategy. These funds shall be utilized for ramping up the renewable portfolio of the company and catering to the rising demand of C&I customers for clean, affordable, and reliable power.
Strategic Expansion Plans
- Radiance plans to use the capital to grow its operational and under-development renewable energy portfolio beyond 2 GWp.
- The funding will support investments in greenfield solar projects, hybrid solar-wind assets, and behind-the-meter installations for its C&I client base.
- The company also intends to expand offerings into battery energy storage solutions and inter-state transmission projects to better serve customers across key industrial states.
Investor Confidence and Industry Context
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.”
This sentiment underscores the country’s attractiveness for international capital, driven by its rapidly growing energy and decarbonisation goals.
This investment comes at a time of growing demand for low-cost renewable energy solutions by the C&I sector in India. This demand has been driven by the requirement for the C&I sector to reduce operational costs and achieve sustainability targets. The initiatives by Radiance will help the country move towards energy transition through higher levels of renewable energy being fed into the grid.
Dhanpal Jhaveri, Vice Chairman of Everstone Group and CEO of Eversource Capital, commented that the funding “strengthens Eversource’s partnership with FMO while bringing Impact Fund Denmark on board as a new investor,” and that as Radiance enters FY27, it is “well positioned to accelerate growth with enhanced operational capabilities and a stronger balance sheet.”
Ludger Middendorp, Head of Private Equity Energy at FMO, added, “This commitment deepens our longstanding partnership with Eversource Capital … and directly advances our SDG 13 priorities.”
The funding round reinforces Radiance Renewables’ strategic role in India’s clean energy infrastructure and highlights rising global investor interest in the country’s renewable market.
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