Fourth Partner Energy, a corporate solar solutions provider, has announced it has raised US$ 16 million (Rs 126 crore) from a consortium of European impact investment funds, led by Switzerland-based Symbiotics.
This is the second round of funding announced by the Hyderabad-based developer this fiscal, after Switzerland-based asset manager responsAbility Investments pumped in US$ 15 million in June.
Symbiotics, a market-access platform for impact investing, arranged for this bond’s issuance in partnership with Netherland’s sustainable banking majors, Triodos Bank and ASN Bank. This bond marks the consortium’s foray into India’s commercial solar sector. Fourth Partner will utilize these funds towards the construction of around 150 MW worth of new solar assets.
Pradhyum Reddy, head-corporate finance at Fourth Partner Energy, said, “At Fourth Partner Energy, we are working hard to bring into India high-quality global financiers committed to the long-term impact of distributed solar. We have a very healthy order book, and these two rounds of funding in quick succession, in what has otherwise been a challenging year, will allow us to execute these projects and adhere to our client commitments. We will be utilizing these funds for expanding our distributed solar footprint.”
Fourth Partner Energy has an operational portfolio of 400 MW of solar assets currently and is looking to add close to 350 MW capacity this fiscal. The company is also constructing solar parks across Uttar Pradesh, Maharashtra and Tamil Nadu as part of its Open Access portfolio.
“The issuance of this bond is fully aligned to Symbiotics’ mission to foster sustainable development and wider adoption of green energy in emerging and frontier economies. We are excited to nurture and selectively grow this segment even further in India with the disbursal of this local currency loan to Fourth Partner Energy,” said Daniel Schriber, Head of Investments at Symbiotics.
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