Fourth Partner Energy, a Hyderabad-based corporate solar solutions provider, today announced it had raised $125 million in equity funding in a fresh investment round. This includes $100 million from Norway’s Norfund. USA-headquartered The Rise Fund is investing an additional $25 million into Fourth Partner, following its $70 million investment in July 2018.
Currently, Fourth Partner Energy has an asset base of 550 MW across distributed and open access portfolios. It is now strengthening its onsite and offsite solar presence in the subcontinent and key markets across South and Southeast Asia. The company is targeting 3 GW of installed solar capacity by 2025 and expansion of capabilities across energy storage and electric vehicle (EV) charging infrastructure.
Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy, said, “Norfund is an established, long-term, an institutional investor with a strong global clean energy portfolio, committed to driving impact. We are keen on leveraging this round of funding and their expertise to cement our leadership position further.
“We also believe the commercial and industrial solar market in India is ripe for consolidation and are actively pursuing acquisition opportunities on this front.”
In April 2021, Fourth Partner Energy had raised a US$ 33-million investment from CDC Group, a U.K. government-owned development finance institution. Before this, it announced a $15 million round of funding from Swiss climate action fund ResponsAbility and a $16 million investment from a consortium of European lenders, led by Symbiotics.
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