Norfund Pumps Repeat Investment into Fourth Partner Energy for ₹350 Cr

Highlights :

  • Norfund announces repeat investment into Fourth Partner Energy; additional  ₹350 Cr towards equity.
  • IFC to also pump in ₹560 Cr to finance 4PEL’s rooftop solar projects and 75 MW solar park in Atharga, Karnataka.
Norfund Pumps Repeat Investment into Fourth Partner Energy for ₹350 Cr

Norwegian Investment Fund for developing countries – Norfund today announced a fresh investment of ₹350 Cr into renewable energy solutions platform, Fourth Partner Energy (4PEL). This is the second round of equity infusion by Norfund into 4PEL, following its $100 Mn investment in June 2021.

Speaking about this development, Anders Blom, Vice President at Norfund said, “The past two years have 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.” He added, “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 ₹350 Cr 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 added, “India’s green energy ecosystem is entering into a transformative phase – corporate leaders today are no longer talking about merely adopting clean energy but ensuring RE100. 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 of the fresh investment, “Norfund’s repeat investment is reflective of our strong partnership and our USP in today’s renewables marketplace – in fact all our investors since the inception of the firm including Chennai Angels, Infuse Ventures, TPG Capital have carried out multiple rounds of equity investment with 4PEL.”

Throwing light on the company’s recent developments on debt funding, Vivek added, “On the debt side as well most lenders like BII, Oiko Credit, responsAbility, SBI, IREDA and TCCL have repeated their commitment. To fuel our business expansion, Fourth Partner has also tied up ₹560 Cr 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 $9 Mn from responsAbility for business expansion- our fourth tranche from the Swiss Climate Action fund, and the first for Indonesian operations.”

Fourth Partner Energy 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 firm 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.

Fourth Partner Energy has an installed portfolio of 1.35 GW currently and is targeting a 3.5 GW asset base by 2025.

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