Radiance Renewables raises $100 million from European DFIs
Renewable energy platform Radiance Renewables has raised $100 million in equity capital from Danish government-backed development finance institution Impact Fund Denmark (IFD) and Dutch entrepreneurial development bank FMO, with a $50 million investment each.
The funding marks a significant raise for the Everstone Capital-backed platform, accelerating expansion in India’s fast-growing clean energy landscape.
The Mumbai-based company plans to deploy capital into greenfield solar projects, hybrid wind-solar assets and installations targeting core commercial and industrial (C&I) customers.
It aims to increase its operational and underdeveloped renewable energy portfolio to over 2 gigawatt-peak (GWp) with battery storage and transmission projects in the pipeline.
This investment comes at a crucial time as India’s C&I sector increasingly seeks more reliable and affordable renewable energy solutions to meet decarbonization targets and manage rising energy costs.
It is also aligned with the country’s broader energy transition goals and addresses growing demand for clean energy from industrial consumers, particularly data centers and expanding manufacturing operations, aimed at reducing emissions ahead of carbon border taxes.
Strategic change
The new capital infusion follows a strategic move by the company, which halted the sale process in May 2025 after attracting interest from major global investors. as reported VCCircle Later.
Vine chose to pursue growth through this round of financing. The shift in strategy coincided with the appointment of Nitin Bhatia as managing director and signaled a new direction for the company.
This latest financing follows Radiance’s capital raise in October 2024 ₹Part of a 5.5 billion deal ₹6.8 billion (~$77.47 million) financing round from infrastructure debt fund NIIF Infrastructure Finance Ltd (NIIF IFL) and peer Sunsure Energy.
The company currently operates 510 megawatts of capacity across the country and aims to expand its portfolio to around 2 GWp by the end of 2026-27.
Radiance’s fundraising reflects broader momentum in India’s renewable energy sector. According to Tracxn data, investment in renewable energy increased by 15% to $68 billion in 2025, while the country added a record capacity of 22 GW in the first half of the year; this was the highest installation ever in a six-month period.
The sector attracted $23 billion in foreign investment between April 2020 and June 2025, while India became the world’s largest recipient of development finance funds in 2024, providing around $2.4 billion for clean energy interventions.
Recent mega deals include Ayana Renewable Energy ₹12,000 crore ($1.53 billion) plan to develop 2GW projects in Karnataka and Tata Power ₹70,000 crore ($8.42 billion) commitment to add 10 GW of solar and wind capacity in Tamil Nadu over the next five to seven years.
