Driving India's Green Future: Radiance Renewables in Talks for Major $100 Million Funding Round to Propel Solar Growth

Radiance Renewables, a prominent player in India's renewable energy landscape and a platform established by Eversource Capital, is on the brink of a significant financial boost. The company is currently engaged in advanced discussions with two major European development finance institutions: FMO, the Dutch development bank, and IFU, the Danish investment fund for developing countries.

These talks are centered on a substantial funding round aimed at raising $100 million, earmarked to fuel Radiance Renewables' ambitious expansion plans in India's thriving commercial and industrial (C&I) solar segment.

This potential capital injection comes at a crucial time as India rapidly accelerates its transition towards cleaner energy sources.

For Radiance Renewables, the $100 million is not just an investment; it's a strategic enabler to scale up its operations and solidify its position as a leader in providing sustainable energy solutions to businesses across the nation. The C&I sector, in particular, is witnessing robust growth, driven by corporates keen on reducing operational costs, enhancing energy security, and meeting their environmental, social, and governance (ESG) commitments.

Radiance Renewables was founded in 2020 by Eversource Capital, a dynamic joint venture between the Everstone Group, a leading private equity firm, and Lightsource BP, a global solar energy powerhouse.

Despite its relatively recent inception, Radiance Renewables has already demonstrated a strong ability to attract significant investment. The company previously successfully raised $300 million from a diverse group of esteemed global investors. This impressive list includes the Green Growth Equity Fund (GGEF), British International Investment (BII), and the Asian Infrastructure Investment Bank (AIIB), underscoring the confidence that international financial institutions place in its vision and execution capabilities.

Currently, Radiance Renewables boasts an operational portfolio of approximately 150 megawatts (MW) of C&I solar projects strategically located across various states in India.

These projects are instrumental in helping Indian businesses adopt clean energy, thereby contributing to the nation's broader renewable energy targets. With the impending $100 million funding, the company is set to aggressively pursue its goal of achieving a total capacity of approximately 1 gigawatt (GW) by 2025.

This target represents a seven-fold increase from its current capacity, highlighting the sheer scale of its ambition and the potential impact it aims to make.

The C&I solar market in India is characterized by its immense potential. Businesses are increasingly recognizing the compelling economic and environmental benefits of on-site solar power generation, which offers predictable long-term energy costs, reduces reliance on grid electricity, and lowers carbon footprints.

Radiance Renewables’ expansion will not only contribute to India’s renewable energy targets but also foster a more sustainable and resilient industrial ecosystem. While discussions with FMO and IFU are progressing, sources indicate that Radiance Renewables is also exploring conversations with other institutional investors, signaling a strong appetite for growth capital and a diversified funding strategy to support its ambitious roadmap towards a greener India.