Funding · Climate, Energy & Sustainability

Radiance Renewables raises $100M from IFD and FMO

By Startup Enthusiast · 9 February 2026

What they do

Radiance Renewables is a renewable-energy platform backed by Everstone Capital, based in Mumbai

It raised $100M in equity from Danish DFI IFD and Dutch development bank FMO, each investing $50M

The capital will fund greenfield solar, hybrid wind-solar, and behind-the-meter projects for commercial and industrial customers

Radiance Renewables raised $100M in equity from Impact Fund Denmark (IFD) and FMO, each investing $50M.
IFD is a Danish government-backed development finance institution (DFI).
FMO is a Dutch entrepreneurial development bank.
The company had halted a sale process in May 2025 after global investor interest and instead opted for mezzanine funding.
Nitin Bhatia was appointed CEO, signalling a new direction.
The capital will be deployed in greenfield solar, hybrid wind-solar, and behind-the-meter projects for commercial and industrial (C&I) customers.
Radiance aims to scale its operational and under-development portfolio beyond 2 GWp and has battery storage and transmission in the pipeline.

India's C&I sector is seeking reliable renewable power for decarbonisation and to manage rising energy costs.
Demand is also coming from data centres and manufacturing to reduce emissions ahead of carbon border taxes.
India's renewable investment rose 15% to $68B in 2025, with a record 22 GW added in the first half of 2025.
India attracted $23B in foreign investment in renewables between April 2020 and June 2025, and was the largest DFI recipient in 2024 with about $2.4B for clean energy.
Mega-deals include Ayana Renewable Power's ₹12,000 Cr ($1.53B) for 2 GW in Karnataka and Tata Power's ₹70,000 Cr ($8.42B) for 10 GW in Tamil Nadu.

Radiance Renewables is a renewable-energy platform backed by Everstone Capital, based in Mumbai.
It currently has an operational capacity of 510 MW across India.
The company targets a portfolio of ~2 GWp by the end of 2026-27.
It focuses on greenfield solar, hybrid wind-solar, and behind-the-meter projects for C&I customers.
Battery storage and transmission are also in the pipeline.

Deploy capital in greenfield solar, hybrid wind-solar, and behind-the-meter projects for C&I customers.
Scale operational and under-development portfolio beyond 2 GWp.
Add battery storage and transmission to the pipeline.

Impact Fund Denmark (IFD) (investor) — Danish government-backed development finance institution.
FMO (investor) — Dutch entrepreneurial development bank.