Radiance Renewables Secures Major $100 Million Equity Infusion for India Expansion
In a significant boost to India's clean energy landscape, renewable-energy platform Radiance Renewables has successfully raised $100 million in equity funding. The investment comes from two prominent international development finance institutions: the Danish government-backed Impact Fund Denmark (IFD) and the Dutch entrepreneurial development bank FMO. Each institution has committed $50 million to support Radiance's ambitious growth plans across the country.
Strategic Deployment of Capital Across Green Energy Projects
The Mumbai-based company, backed by Everstone Capital, plans to strategically deploy this fresh capital across a diverse portfolio of renewable energy assets. This includes greenfield solar projects, hybrid wind-solar assets, and behind-the-meter installations. The primary focus will be on serving its core commercial and industrial (C&I) customers, who are increasingly seeking reliable and cost-effective renewable power solutions.
The funding aims to scale Radiance's operational and under-development renewable energy portfolio beyond 2 gigawatt-peak (GWp). Additionally, the company has plans to venture into battery storage and transmission projects, further solidifying its position in the evolving energy market.
Timely Investment Amid Surging Demand for Clean Power
This investment arrives at a pivotal moment as India's C&I sector intensifies its efforts to meet decarbonization targets and manage escalating energy costs. The move aligns seamlessly with the nation's broader energy transition goals. There is a particularly surging demand for clean power from industrial consumers, including data centers and expanding manufacturing operations. These entities are proactively reducing emissions in anticipation of potential carbon border taxes.
A Strategic Pivot and Leadership Change
The capital infusion follows a notable strategic shift by Radiance Renewables. In May 2025, the company halted its sale process despite garnering interest from major global investors, as previously reported. Instead, it opted to pursue growth through this mezzanine funding round. This strategic pivot coincided with the appointment of Nitin Bhatia as the new chief executive, signaling a fresh direction and renewed focus on aggressive expansion.
This latest funding round builds upon Radiance's earlier capital raise in October 2024, where it secured ₹5.5 billion as part of a larger ₹6.8 billion (approximately $77.47 million) financing round from infrastructure debt fund NIIF Infrastructure Finance Ltd (NIIF IFL), alongside peer Sunsure Energy.
Current Operations and Future Targets
Currently, Radiance Renewables operates 510 megawatts of capacity across India. With this new funding, the company aims to significantly scale its portfolio, targeting approximately 2GWp by the end of the 2026-27 financial year.
Reflecting Broader Momentum in India's Renewable Sector
Radiance's successful fundraise mirrors the broader, robust momentum in India's renewable energy sector. According to recent data:
- Investment in renewables surged by 15% to $68 billion in 2025.
- The country added a record 22GW of capacity in the first half of 2025—the highest-ever installation in a six-month period.
- The sector attracted $23 billion in foreign investment between April 2020 and June 2025.
- India emerged as the world's largest recipient of development finance funding in 2024, securing about $2.4 billion specifically for clean energy interventions.
This growth is further highlighted by recent mega-deals in the industry, such as Ayana Renewable Power's ₹12,000 crore ($1.53 billion) plan to develop 2GW of projects in Karnataka and Tata Power's massive ₹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.
The substantial investment in Radiance Renewables underscores the increasing confidence of global financial institutions in India's renewable energy potential and its critical role in the global energy transition.
