Radiance Renewables plans to raise about Rs 1,250 crore by June

Renewable- Radiance is a commercial and industrial (C&I) renewable energy developer.

Radiance Renewables, backed by Eversource Capital, plans to raise Rs 1,250 crore by June as the renewable energy developer aims to increase its capacity to 2 gigawatts (GW) in the next three years, executive director Manikkan Sangameswaran told Moneycontrol in an interview.

The commercial and industrial (C&I) renewable energy developer, which began operations in 2020, currently has a capacity of 500 MW  of solar power.

"We are raising fresh capital of $150 million (Rs 1,249.9 crore) for growth. We will get new investors to put money into Radiance. Our existing investors are large climate funds – they will have their own limits on how much they can put in one portfolio company," Sangameswaran said.

Eversource Capital manages India’s largest climate impact fund with anchor investments from India’s National Investment & Infrastructure Fund and the UK Government’s Foreign, Commonwealth & Development Office (FCDO), according to the company's website.

Radiance secured a green loan project finance facility of about $90 million in November for its 150 MW greenfield C&I solar power project in Maharashtra.

"We are putting up a lot more projects in the states of Karnataka, Tamil Nadu, and Maharashtra. These are the three states that we are focusing on now," Sangameswaran said, adding that the company is mulling an entry into Gujarat.

Asked about plans to go public, he said, "We don't know, maybe in the future, two or three years down the road when we have become much larger. Maybe at that time we will discuss that."