Fourth Partner Energy raises additional $42.3 million in equity funding from Norfund


Fourth Partner Energy Ltd (4PEL), a Hyderabad-based corporate solar solutions provider, announced this week it has received a fresh investment of INR 350 crore from Norfund. This is the second round of equity infusion by Norfund into 4PEL, following its $100 million investment in June 2021. 

Fourth Partner Energy Ltd’s asset base has grown to 1.35 GW today from 550 MW in 2021 when it received the first investment from Norfund. The fresh investment will help it inch closer to the 3.5 GW asset portfolio target by 2025. 

Fourth Partner Energy is an integrated renewable energy solutions provider with in-house capabilities in delivering end-to-end solar, wind, hybrid, battery storage, and EV charging solutions on a single platform to the corporate client. 

Vivek Subramanian, co-founder and executive director at Fourth Partner Energy, said, “All our investors since the inception of the firm including Chennai Angels, Infuse Ventures, and TPG Capital have carried out multiple rounds of equity investment with 4PEL..On the debt side as well, most lenders like BII, Oiko Credit, responsAbility, SBI, IREDA, and TCCL have repeated their commitment.” 

To fuel its business expansion, Fourth Partner has also tied up INR 560 crore as project finance from IFC for the execution of 90 MW of rooftop solar assets pan-India and a 75 MW solar park in Atharga, Karnataka. 

In Indonesia, the company has raised $9 million from responsAbility for business expansion—its fourth tranche from the Swiss Climate Action fund, and the first for Indonesian operations. Fourth Partner Energy has announced a 600 MW ISTS (Inter State Transmission System) project in Karnataka, on the back of commissioning its first Wind Solar Hybrid project in Gujarat last month. For this fiscal, the company has off-site solar and wind projects under development in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.

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