Radiance Renewables has raised close to $100 million in equity funding from Impact Fund Denmark and the Dutch development bank FMO. The investment supports the company’s expansion plans in India’s renewable energy sector.
The funding round was led by the two development finance institutions with each committing about $50 million. Radiance plans to use the capital to grow its portfolio beyond the current 2 GWp capacity. This includes new greenfield solar projects hybrid wind solar assets and behind the meter solutions for commercial and industrial users. Part of the funding will also go toward battery energy storage systems and transmission infrastructure to improve reliability and flexibility of clean power supply in key industrial areas.
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