Eversource Capital, alongside FMO and Impact Fund Denmark, has raised approximately USD 100 million in equity investment for Radiance Renewables to enhance its operational capacity and expand its project pipeline in India's Commercial and Industrial renewable energy sector.

Information on the target

Radiance Renewables is a prominent player in India's Commercial and Industrial (C&I) renewable energy sector, recognized for its innovative and reliable energy solutions. Backed by Eversource Capital, the company has successfully positioned itself as a leader in delivering customized renewable energy solutions that cater to the specific needs of corporate clients. With a commitment to sustainability and strong governance frameworks, Radiance is set to enhance its operational capacity significantly with the recent equity investment raise of approximately USD 100 million.

The new capital will be strategically deployed to expand Radiance's operational capacity to over 2 GWp and develop a robust pipeline exceeding 1 GWp through various projects, including greenfield solar, hybrid wind-solar, and behind-the-meter initiatives. This investment will not only bolster the company's growth trajectory but also contribute to India's broader energy transition by integrating renewable energy into the national grid.

Industry overview in the target’s specific country

India's renewable energy sector is experiencing unprecedented growth, driven by a strong governmental push towards decarbonization and sustainability. The country has set ambitious targets to achieve 500 GW of renewable energy capacity by