Radiance Renewables Raises USD 100 Million from Impact Fund Denmark, FMO

EverSource Capital’s green energy platform Radiance Renewables has secured an equity investment of USD 100 million from Impact Fund Denmark and Dutch entrepreneurial development bank FMO. The two institutions are investing USD 50 million each.

Radiance said that the capital will be used to expand its operational capacity beyond 2 GWp and to develop a 1 GWp project pipeline through greenfield solar, hybrid wind-solar and behind-the-meter projects.

As per earlier reprots,in September 2025, Radiance was in discussions with Impact Fund Denmark and FMO for an equity infusion.

“As Radiance enters FY2027, it is primed to accelerate its growth velocity with enhanced operational capabilities and a strengthened balance sheet,” said Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, EverSource Capital. He added that the investment underlines confidence in renewable platforms serving India’s commercial and industrial power demand.

The funding comes at a critical time for the company amid concerns over liquidity and execution capacity. Earlier this year, credit rating agency ICRA downgraded Radiance Renewables’ long-term rating to BBB+ with a negative outlook from A- and its short-term rating to A2 from A2+.

Radiance said that it plans to strengthen its product portfolio through battery energy storage solutions and invest in inter-state transmission projects to better serve C&I customers across key markets.

As of November 2025, Radiance had an operational solar capacity of 644 MWp, with around 217 MWp under construction and a near-term pipeline of about 256 MWp. This is expected to take total installed capacity to nearly 1.1 GWp within the next 12–15 months. The company aims to scale up to 2 GWp by FY2028.

“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 segments is central to our mandate,” said Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure at Impact Fund Denmark.