Radiance Renewables, a renewable energy platform backed by Eversource Capital, has raised about $100 million in funding from Impact Fund Denmark and Dutch entrepreneurial development bank FMO, according to a report by The Economic Times.
Each investor is contributing roughly $50 million.
The commercial and industrial (C&I) renewable energy player plans to use the corpus for its greenfield solar, hybrid wind-solar, and behind-the-meter projects to meet rising clean-energy demand from India’s industrial and corporate sectors.
DealStreetAsia had earlier reported on FMO’s proposed investment in the company.
Funding momentum grows as India’s businesses and industries look for affordable, reliable renewable energy to cut emissions and control rising energy costs.
FMO, founded in 1970, is a public-private partnership with 51% of shares held by the Dutch state and 49% by commercial banks, trade unions, and other private-sector members. It focuses on agribusiness, food, water, energy, and financial institutions, with a total committed portfolio of 12 billion euros across more than 85 countries.
Impact Fund Denmark invests in projects that promote sustainable growth and tackle global challenges. Its Indian portfolio includes Arohan and CleanMax in financial services, and DCDC Health Services and Smart Joules in green energy and infrastructure.
In other deals within the sector, DEG, the investment arm of German state-owned development bank KfW, is providing a $50-million debt facility to ReNew Vyoman Private Limited, a special purpose vehicle of the ReNew group.
