Mumbai-based Radiance Renewables, a clean energy firm backed by Eversource Capital, has raised about $100 million in equity funding from two major international investors — Impact Fund Denmark and the Dutch entrepreneurial development bank FMO.

Impact Fund Denmark and FMO are investing $50 million each.

The fresh capital will support Radiance’s next phase of growth and expansion in the renewable energy sector. It will enable Radiance to build and operate an additional 926 MW of new solar power projects across India.

The investment is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework.

Radiance has expanded its operational solar capacity from 38 MW to nearly 600 MW in four years.

At present, the company has nearly 1 GW of solar projects under construction and in operation.

“India is one unified market of 1.5 billion people supported by both federal and state regulations aimed at promoting additional renewable energy. India enables massive scalability for green solutions, making India an attractive country to invest in,” said Thomas Hougaard, Managing Director and Co-Head of Green Energy and Infrastructure in Impact Fund Denmark.

This latest development comes amid rising electricity tariffs and evolving regulations that are pushing India’s commercial and industrial (C&I) consumers to rethink how they procure power. Businesses are increasingly turning to renewable energy sources to meet their power requirements. Rooftop solar, green energy open access, supported by battery energy storage solutions as required, can significantly reduce electricity costs while improving the availability of reliable power.

In October last year, Radiance Renewables received ₹5.5 billion (~$62.6 million) in funding from NIIF Infrastructure Finance to support renewable energy projects for C&I businesses.

Earlier, Radiance Renewables had secured a $90 million Green Loan Project Finance Facility for its 150 MW greenfield C&I solar power project in Maharashtra.