Impact Fund Denmark is investing USD 50 million (around DKK 320.5 million) in Radiance Renewables Pvt Ltd (“Radiance”) through the Danish SDG Investment Fund II, backed by five Danish pension funds. Made alongside a USD 50 million investment from the Dutch Development Finance Institution FMO, the joint investment catalyses an additional USD 300 million in private sector debt and enables Radiance to build and operate an additional 926MW of new solar power across India.
Radiance is a leading player in India’s clean energy transition. The platform provides renewable energy to commercial and industrial clients at prices 15–20 per cent lower than grid electricity. Since around 70 per cent of India’s grid power comes from coal, choosing Radiance gives companies both lower costs and a greener energy profile.
Business and impact walking hand in hand
India aims to generate 500GW of renewable energy by 2030, but lacks the capital to achieve this target. At the same time, the country’s middle class is rapidly growing, driving up energy demand.
Investments in India’s clean energy transition is not just urgent, but a good investment.
In just four years, Radiance has expanded its operational solar capacity from 38 MW to nearly 600 MW, demonstrating a strong and scalable business model.
“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 & Infrastructure in Impact Fund Denmark.
This investment delivers attractive, risk-adjusted returns for private investors and stands as a clear example of an investment that catalyses private capital, delivering larger impact and accelerating India’s green transition.
The investment is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework.
Closing of the investment is subject to the fulfilment of the closing deliverables including regulatory approvals.
External Communications Director
Thøger Kirk
+45 53 76 08 05
Managing Director and Co-head of Green Energy & Infrastructure
Thomas Hougaard
+45 33 63 75 46
