IFC, ADB, and DEG Inject $275 Million into Fourth Partner Energy for Renewable Growth

IFC, ADB, and DEG announced a $275 million investment into Fourth Partner Energy Ltd (FPEL) for expanding renewable energy. The investment aims to boost FPEL's portfolio to 3.5 GW by 2026 and commission a 575 MW wind solar hybrid project in Karnataka. The sector is expected to attract $25 billion annually until 2030.

In a significant move towards boosting renewable energy, IFC, ADB, and DEG have announced an investment of $275 million into Fourth Partner Energy Ltd (FPEL). The funding aims to enable FPEL to expand its renewable energy assets to 3.5 GW by 2026.

The infusion of capital will support the company's business expansion plans, including the commissioning of a 575 MW wind solar hybrid project in Karnataka later this quarter.

Leading the consortium, IFC will invest $125 million, ADB will contribute $100 million, and DEG will provide $50 million. The investment reflects a commitment to diversifying India's energy mix and supporting commercial and industrial consumers with affordable, clean energy solutions.

(With inputs from agencies.)