Radiance Renewables raises $100 million from European DFIs

Renewable-energy platform Radiance Renewables has raised $100 million in equity from the Danish government-backed development finance institution Impact Fund Denmark (IFD) and Dutch entrepreneurial development bank FMO, with each investing $50 million.

The funding marks a significant boost for the Everstone Capital-backed platform, accelerating expansion across India's fast-growing clean energy landscape.

The Mumbai-based company plans to deploy the capital across greenfield solar projects, hybrid wind-solar assets, and behind-the-meter installations targeting its core commercial and industrial (C&I) customers.

It aims to scale its operational and under-development renewable energy portfolio beyond 2 gigawatt-peak (GWp), with battery storage and transmission projects also in the pipeline.

The investment comes at a pivotal time, as India's C&I sector increasingly seeks reliable and cost-effective renewable power solutions to meet decarbonization targets and manage rising energy costs.

It also aligns with the country's broader energy transition goals and addresses surging demand for clean power from industrial consumers, particularly from data centres and expanding manufacturing operations seeking to reduce emissions ahead of carbon border taxes.

Strategic shift

The fresh capital infusion follows a strategic pivot by the company, which had halted its sale process in May 2025 after garnering interest from major global investors, as reported VCCircle then.

It opted to pursue growth through this mezzanine funding round. The shift in strategy coincided with the appointment of Nitin Bhatia as chief executive, signalling a new direction for the company.

This latest funding follows Radiance's October 2024 capital raise of ₹5.5 billion as part of a ₹6.8 billion (~$77.47 million) financing round from infrastructure debt fund NIIF Infrastructure Finance Ltd (NIIF IFL), alongside peer Sunsure Energy.

The company currently operates 510 megawatts of capacity across the country and aims to scale its portfolio to approximately 2GWp by the end of 2026-27.

Radiance’s fundraise reflects broader momentum in India’s renewable energy sector. Investment in renewables rose 15% to $68 billion in 2025, while the country added a record 22GW of capacity in the first half of the year—the highest-ever installation in a six-month period—according to Tracxn data.

The sector attracted $23 billion in foreign investment between April 2020 and June 2025, with India emerging as the world’s largest recipient of development finance funding in 2024, securing about $2.4 billion for clean energy interventions.

Recent mega-deals include Ayana Renewable Power’s ₹12,000 crore ($1.53 billion) plan to develop 2GW of projects in Karnataka and Tata Power’s ₹70,000 crore ($8.42 billion) commitment to add 10GW of solar and wind capacity in Tamil Nadu over the next five to seven years.