Radiance Renewables Private Limited has raised $100 million in equity investment from Impact Fund Denmark and the Dutch entrepreneurial development bank FMO. Impact Fund Denmark is investing $50 million in the company through the Danish SDG Investment Fund II. This is backed by five Danish pension funds. Furthermore, FMO is also providing an equity investment of $50 million to the company.
The combined investment is expected to mobilise an additional $300 million in private sector debt. The financing will support Radiance in the development and operation of an additional 926 MW of solar projects across India.
Radiance Renewables is a Mumbai-based company that specialises in delivering comprehensive green solutions tailored for commercial and industrial customers. It is backed by Eversource Capital and aims to expand its capacity to 2 GW over the next two years.
