Radiance Renewables has secured a USD 100 million funding boost to accelerate its role in India’s clean energy expansion, marking a major step in the country’s renewable energy journey.
Impact Fund Denmark and the Dutch development bank FMO headed the equity financing round, who all contributed approximately 50 million dollars to aid the expansion strategy of the company.
The new capital will support the growth of Radiance in an assortment of clean energy initiatives. It intends to spend heavily on greenfield solar projects, hybrid wind solar facilities and behind-the-meter commercial and industrial-specific renewable projects. The vision of the company is to drive its operational and underdeveloped renewable business far beyond the existing 2 GWp.
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Radiance will also deploy the funds to expand their services into battery energy storage systems, which enable the mitigation of intermittency and enhance grid reliability and to invest in critical inter-state transmission infrastructure to access more customers in industrial states of India.
Thomas Hougaard, Managing Director of Impact Fund Denmark, affirms that India is a priority market in the clean energy strategy of the fund, which indicates that the international community has great faith in the renewable market of India.
This investment is in the face of an increasing demand of cost-effective and reliable renewable energy to the commercial and industrial sector in India, who is quickly becoming the target of high demand due to the decarbonization and energy security agendas. The growth strategies of Radiance Renewables will not only help the company consolidate its presence in the C and I renewables sector but also play a role in the overall energy transition of India, which will help the country increase its use of clean energy on its national grid.
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