What Radiance Renewables does

Radiance Renewables is a Mumbai-based, privately-held commercial and industrial (C&I) renewable energy platform operating across India, backed by Eversource Capital (Everstone Capital). Founded in 2018, the company develops, owns, and operates solar photovoltaic projects, wind-solar hybrid assets, behind-the-meter installations, battery energy storage solutions (BESS), and inter-state transmission infrastructure, supplying long-term renewable power to enterprise customers under 25-year Power Purchase Agreements (PPAs). Its customer base spans data centers, healthcare, and manufacturing/FMCG, with disclosed relationships including Nestlé India, Softgel Healthcare, Quality Care India, and an unnamed global data center operator served by a 150 MW Maharashtra project.

The company's revenue model is anchored on subscription-style recurring PPA cash flows from C&I customers, supplemented by project-level development fees and structured finance arrangements. In November 2023 it became the first C&I renewable energy company in India to secure a green loan — a $90 million facility from Axis Bank and Standard Chartered for the 150 MW Maharashtra project — and in February 2026 it raised approximately $100 million in equity from Impact Fund Denmark and FMO ($50M each), with an EU EFSD+ guarantee catalyzing an additional $300 million in private sector debt. Radiance also operates a joint venture with PIDG (Radiance InfraCo Renewables), which commissioned an 87 MWp solar plant in Karnataka in June 2026.

Radiance's go-to-market is direct enterprise sales targeting C&I buyers seeking decarbonization, energy cost reduction, and ESG compliance amid India's coal-dominated grid. Leadership transitioned in May 2025 with Pro Nitin Bhatia appointed CEO, coinciding with a shift from a planned sale toward fresh equity capital to fund a pipeline that the company targets at over 1 GWp and operational capacity beyond 2 GWp.

Name

Radiance Renewables

Legal name

Radiance Renewables Pvt Ltd

Website

https://radiancerenewables.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Radiance Renewables is a Mumbai-based C&I renewable energy platform in India, developing and operating solar, wind-solar hybrid, battery storage, and behind-the-meter projects under long-term PPAs for enterprise customers in healthcare, data centers, and manufacturing.

Ownership category

akta.pro rank

Product category

Renewable Energy Services

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ)

akta.pro secondary industries

C&I Renewable Supply & Green Tariffs (Bundled RE, Sleeves, Utility Green Tariffs) (EUAGACAE), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), Distributed Generation (DG) Solar & Small Wind (EUAMAJAD)

Keywords

• Solar power projects
• Renewable energy solutions
• Power purchase agreements
• Behind-the-meter installations
• Battery energy storage

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. Power Purchase Agreements (PPAs): Long-term Power Purchase Agreements with commercial and industrial customers (data centers, healthcare, manufacturing) for renewable energy supply, typically 25-year terms.
2. Project Finance / Green Loans: Secured green loan financing for specific solar projects, such as the $90 million facility for the 150 MW Maharashtra project organized by Axis Bank and Standard Chartered Bank.
3. Renewable Energy Project Development: Development and operation of utility-scale solar, wind-solar hybrid projects, and battery storage assets for C&I customers under long-term offtake agreements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Radiance Renewables is a commercial and industrial (C&I) renewable energy platform that develops, owns, and operates utility-scale solar, wind-solar hybrid, behind-the-meter, and battery energy storage projects across India. The company supplies renewable electricity to enterprises under long-term Power Purchase Agreements (PPAs) of up to 25 years, enabling C&I customers to decarbonize operations, reduce grid dependency, and meet ESG targets.

Product overview

Radiance Renewables operates a unified commercial and industrial (C&I) renewable energy platform in India. The platform encompasses solar power projects (including a 150 MW Maharashtra project and the 87 MWp Korwar Solar Plant in Karnataka), wind-solar hybrid assets, behind-the-meter installations, battery energy storage solutions, and inter-state transmission capabilities. All offerings are designed to serve commercial and industrial clients seeking decarbonization through green energy procurement.

Differentiator

Problem solved

Functional benefit

Brands

• Radiance InfraCo Renewables: A joint venture between Radiance Renewables and PIDG (Private Infrastructure Development Group) focused on solar power plant development.

Products and services

• C&I Renewable Energy Platform A unified renewable energy platform that develops, finances, owns, and operates solar, wind-solar hybrid, behind-the-meter, and battery storage projects for commercial and industrial clients in India, delivering power through long-term Power Purchase Agreements (PPAs).
• Solar Power Projects Utility-scale solar photovoltaic power generation projects developed, financed, and operated for commercial and industrial customers in India, including large installations such as the 150 MW Maharashtra project delivered in phases.
• Wind-Solar Hybrid Projects Combined wind and solar generation facilities designed to optimize renewable energy output, reliability, and capacity utilization for industrial customers.
• Behind-the-Meter Installations Customized on-site renewable energy installations deployed at customer facilities that directly supply power to end-users and offset grid electricity consumption.
• Battery Energy Storage Solutions (BESS) Battery energy storage systems integrated with solar and wind projects to provide reliable power supply, manage intermittency, and enhance grid stability for commercial and industrial customers.

Quantifiable outcome

• Reduce CO2 emissions by up to 40,000 tonnes annually for healthcare facilities
• +3 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and major.

• PIDG (Private Infrastructure Development Group)coreStrategic or Co-development Partner · 24 June 2026PIDG formed a joint venture with Radiance Renewables to create Radiance InfraCo Renewables. The JV commissioned the 87 MWp Korwar solar plant in Karnataka, marking the second project under the partnership. The JV also supports women's training programmes in solar repair, digital literacy, and entrepreneurship.
• Nestlé IndiamajorOthers · 30 January 2026Nestlé India's board approved in-principle investments to acquire up to 26% stakes in special purpose vehicles with Radiance Renewables for setting up captive renewable energy power plants for its manufacturing facilities in India.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fourth Partner Energy: One of India's largest C&I-focused solar developers, now a Reliance Industries subsidiary. Competes head-to-head with Radiance for long-term C&I PPAs and behind-the-meter installations across India.
• Amplus Solar: PETRONAS-owned C&I distributed solar specialist in India. Operates an equivalent rooftop, open-access, and behind-the-meter solar model for commercial and industrial customers, with similar PPA structures.
• Sunsure Energy: India-based C&I solar developer building utility-scale and behind-the-meter solar assets under long-term PPAs. Direct competitor in targeting Indian industrial off-takers.
• Cleantech Solar: Pacific Equity Group-backed C&I solar developer operating across India and Southeast Asia. Direct competitor in financing and delivering long-term solar PPAs to enterprise customers.
• Serentica Renewables: Sterlite Group-promoted C&I renewable energy platform supplying round-the-clock clean power to large Indian industrial off-takers. Closely comparable in product offering and C&I PPA business model.

Broad incumbents

• Greenko Group: Large Indian renewable IPP with significant wind, solar, and pumped-storage hydro. Competes for capital and large enterprise power contracts, though more utility-focused than Radiance.
• ReNew Power: One of India's largest renewable IPPs with utility-scale and C&I exposure. Broader portfolio across wind, solar, and storage; competes for C&I PPAs but is not a pure-play C&I specialist like Radiance.
• Tata Power Solar Systems: Subsidiary of Tata Power with utility-scale, rooftop, and EPC capabilities. Broad incumbent player serving both utility and C&I segments in India.
• Adani Green Energy: India's largest listed renewable IPP with a multi-gigawatt utility-scale portfolio. Competes indirectly with Radiance for capital, talent, and large C&I offtake contracts.

Emerging players

• Avaada Energy: Indian renewable IPP scaling utility-scale solar, wind, and storage. Overlaps with Radiance in targeting large C&I and utility offtake but at a broader, less C&I-concentrated footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Radiance Renewables