FMO, the Dutch Entrepreneurial Development Bank, together with Impact Fund Denmark and Denmark’s Investment Fund for Developing Countries, is investing ~USD 50 million each in Radiance Renewables (“Radiance” or “Company”). Radiance, an Eversource Capital‑backed platform and leader in India’s Commercial and Industrial renewable energy sector, today announced an equity investment raise of ~USD 100 million.
Radiance shall deploy the new capital towards an expansion of operational capacity to 2 GWp+ as well as development of a 1 GWp+ pipeline through greenfield solar, hybrid wind‑solar, and behind‑the‑meter projects. The Company shall 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. This funding strengthens the Company’s ability to expand operations amid India’s booming C&I decarbonisation demand and deliver reliable, cost‑effective renewable energy while fostering sustainable growth and stakeholder value. These initiatives will significantly contribute to India’s broader energy transition, supporting the integration of renewables into the national grid and enhancing reliability of energy supply for businesses and institutions.
Ludger Middendorp, Manager Private Equity Energy, FMO, said: “FMO remains steadfast in catalysing India’s low-carbon transition through platforms that deliver clean energy at scale alongside exemplary ESG practices. This commitment deepens our longstanding partnership with Eversource Capital, a proven leader in sustainable infrastructure investing. Radiance Renewables’ robust governance, climate-positive strategy, and flawless execution for premium C&I clients position it perfectly for accelerated growth and directly advances our SDG 13 priorities.”
Dhanpal Jhaveri, Vice Chairman, Everstone Group & CEO, Eversource Capital, said: “At Eversource, we focus on building platforms that combine scale, resilience and predictable long-term cash flows. This investment not only strengthens our longstanding relationship with FMO but also welcomes Impact Fund Denmark as a valued partner in our shared mission. 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.”
Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure, Impact Fund Denmark, added: “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. Our partnership with Eversource Capital exemplifies this approach by leveraging their deep expertise in sustainable infrastructure to scale impactful platforms like Radiance Renewables. Radiance Renewables’ business model, combining distributed and grid-connected renewable energy for commercial and industrial customers, aligns with our goal of financing projects that reduce greenhouse gas emissions and promote sustainable, inclusive development.”
____
About Eversource Capital:
Eversource Capital mobilises capital at scale to drive large-scale sustainability solutions for a more resilient economy. The first fund has a proven track record of building and scaling transformative platforms across three key themes: electric mobility, renewable energy, and resource efficiency. Eversource has the largest team of high performing professionals in India focused on delivering stronger financial performance while simultaneously advancing sustainability goals. ESG principles are deeply integrated into our investment process, underpinned by a strong culture of value creation and a commitment to fostering inclusive economic growth.
Website: https://eversourcecapital.com/
LinkedIn: https://www.linkedin.com/company/eversource-capital/?viewAsMember=true
About Impact Fund Denmark:
Impact Fund Denmark is a Danish impact investor and Denmark’s Development Finance Institution contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. Impact Fund Denmark provides risk capital to companies operating in developing countries across Africa, Asia, Latin America and parts of Europe. Investments are made on commercial terms in the form of equity, loans and guarantees. Impact Fund Denmark has co-invested in over 1,300 companies in more than 100 developing countries and emerging markets. Capital under management will increase from DKK 18 bilion in 2024 to DKK 45 billion in 2030. Read more at www.impactfund.dk
About Radiance Renewables:
Radiance Renewables is a leading Commercial and Industrial renewable energy platform in India, delivering customised, reliable and cost-efficient renewable energy solutions backed by strong governance frameworks and institutional capital. Through disciplined execution and a deep focus on ESG and safety, Radiance partners with corporates to support long-term decarbonisation and energy security.
Website: https://www.radiancerenewables.com/about-us/
Linked In: https://www.linkedin.com/company/radiance-renewables/
For more information contact:
Shubhangi Chaturvedi | +919619821154 | schaturvedi@eversourcecapital.com
