Radiance Renewables raises $100 million to fuel expansion

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• Radiance Renewables secures $100 million equity investment from Denmark and FMO
• Funds to expand operational capacity to over 2 GWp and develop 1 GWp pipeline
• Radiance aims to enhance offerings with battery storage and inter-state projects

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EverSource Capital’s green energy platform Radiance Renewables has secured  an equity investment of $100 million from Impact Fund Denmark and Dutch entrepreneurial development bank FMO,  the company said on February 9.

The two finance institutions are investing $50 million each.

Radiance will deploy the capital towards an expansion of operational capacity to more than 2 GWp as well as development of a 1 GWp pipeline through greenfield solar, hybrid wind-solar, and behind-the-meter projects, the company said.

Moneycontrol was the first to report in September 2025 that Radiance was in talks with Impact Fund Denmark and FMO.

"As Radiance enters FY 2027, 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," said Dhanpal Jhaveri, Vice Chairman, Everstone Group & CEO, Eversource Capital.

The funding is crucial amid concerns over liquidity pressures and the company’s ability to sustain project execution and growth plans. Earlier this year, credit rating agency ICRA downgraded Radiance Renewables' long-term rating to BBB+ (with a Negative outlook) from A- (Negative), and the short-term rating to A2 from A2+.

Radiance said it will enhance its product offerings to customers through battery energy storage solutions and deploy capital in inter-state transmission projects to service C&I clients across key states.

The company had an operational solar power capacity of 644 megawatt-peak) (MWp)  as of November 2025 and an under-construction capacity of ~217 MWp and a near-term pipeline of ~256 MWp, which will take the overall installed solar capacity to ~1.1 GWp over the next 12-15 months. It aims to expand the capacity further 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 demand segments is central to our mandate," said Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure, Impact Fund Denmark.