Fourth Partner Energy gets additional Rs 350 cr equity from Norfund


PTI | New Delhi | Updated: 12-08-2023 12:53 IST | Created: 12-08-2023 12:53 IST
Fourth Partner Energy gets additional Rs 350 cr equity from Norfund
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Norwegian investment fund for developing countries Norfund has made a fresh investment of Rs 350 crore in India's leading renewable energy solutions platform, Fourth Partner Energy (4PEL), the Hyderabad-based firm said.

This is the second round of equity infusion by Norfund into 4PEL, following its USD 100 million investment in June 2021.

In a statement, it also announced tying up with IFC for a Rs 560 crore project finance tranche.

Speaking about this development, Anders Blom, Vice President at Norfund said, ''the past 2 years has given us a thorough understanding of the technical prowess and execution capabilities at Fourth Partner Energy. We have also journeyed together in commencing wind power generation in Gujarat, while developing hybrid parks across Tamil Nadu and Karnataka.'' ''The company has grown from an asset base of 550 MW in 2021 to 1.35 GW today. 4PEL's leadership team is determined to balance the planet with profitability - while adhering to the highest standards of integrity, ESG and health & safety norms. To further our partnership, Norfund is excited to infuse an additional Rs 350 crore into 4PEL as they inch closer to the 3.5 GW asset portfolio target by 2025.'' Echoing Norfund's sentiment, Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy said India's green energy ecosystem is entering into a transformative phase.

''This makes what we do at 4PEL essential as we are arguably India's only 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,'' he said.

Norfund's repeat investment is reflective of the firm's strong partnership and its USP, he said, citing multiple rounds of equity investments from investors such as Chennai Angels, Infuse Ventures, TPG Capital.

The statement however did not give the equity holding of the investors in the company.

On the company's recent developments on debt funding, Subramanian said, ''on the debt side as well, most lenders like BII, OikoCredit, responsAbility, SBI, IREDA and TCCL have repeated their commitment.

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

''In Indonesia, we have raised USD 9 million from responsibility for business expansion – our 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, while continuing to bet big on on-site solar energy projects pan-India.

The company has an installed portfolio of 1.35 GW currently and is targeting a 3.5 GW asset base by 2025.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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