Fourth Partner Energy, a Hyderabad-based corporate solar solutions provider, today announced it had raised an INR 250-crore (US$ 33-million) investment from CDC Group, a U.K. government-owned development finance institution.
The developer shall use this capital to grow its renewable solutions platform across India and South Asia as it targets 3 GW of solar capacity across all its verticals by 2025. It will fund approximately 217 MW of greenfield renewable power generation in India to displace primarily thermal power generation, avoiding 258,000 tonnes of annual CO2 emissions.
Currently, Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. The developer has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, it has tied up with integrated energy major Indika Energy to offer solar solutions to corporates.
Announcing the investment, Srini Nagarajan, managing director and head of Asia at CDC, said, “CDC is committed to making long-term investments alongside our investment partners, with a clear purpose to bolster efforts toward achieving a net-zero carbon future in India and across the region. We have been building scale in the renewable power sector, and this investment into Fourth Partner Energy, on the distributed solar side of the sector, is a strategic investment that further enhances India’s renewable power capacity.”
Vivek Subramanian, Co-founder and Executive Director at Fourth Partner Energy, highlighted the company would significantly scale up its current solar portfolio to 3 GW across all its verticals by 2025 while growing its battery storage, energy trading and EV charging capabilities.
“India’s C&I solar segment is growing exponentially, driven by strong sustainability mandates from all corporates. A long-term and patient capital provider like CDC fits perfectly into Fourth Partner Energy’s financing ecosystem. CDC’s funding, guidance and sustainability expertise will pave the way for the company to leverage and grow our dominant position in this market,” he added.
In 2020, Fourth Partner Energy secured an INR 110-crore ($15 million) round of funding from Swiss climate action fund ResponsAbility and an INR 126-crore ($16 million) investment from a consortium of European lenders, led by Symbiotics.
Fourth Partner Energy has also tied up with Lithium Urban Technologies to form a 50:50 joint venture (JV), Shuchi Anant Virya, to offer EV charging infrastructure solutions. The JV has commissioned EV charging hubs across Gurugram, Pune, Kolkata and has partnered with HPCL to set up chargers across its retail fuel outlets.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.