CDC Group invests Rs 250 crore into Hyderabad solar power firm
Fourth Partner Energy will deploy this capital towards growing its renewable solutions platform across India and South Asia. CDC’s investment will support India’s clean energy transition.
Hyderabad: CDC Group, the UK’s development finance institution (DFI) and impact investor, invested Rs 250 crore investment into Hyderabad-based Fourth Partner Energy, a solar energy company for commercial and industrial businesses.
Fourth Partner Energy will deploy this capital towards growing its renewable solutions platform across India and South Asia. CDC’s investment will support India’s clean energy transition and enable provision of cleaner energy to businesses.
It will fund approximately 217 megawatts (MW) greenfield renewable power generation in India, to displace primarily thermal power generation, avoiding 258k tonnes of annual CO2 emissions. CDC’s facility will catalyse growth of the sector by helping to accelerate uptake of renewable energy by corporates at a quicker pace.
Srini Nagarajan, MD and Head of Asia at CDC, said, “We have been building scale in the renewable power sector and this investment into Fourth Partner Energy, on the distributed solar side of the sector, is a strategic investment that further enhances India’s renewable power capacity.”
To date, Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. The company has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, 4PEL has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.
Vivek Subramanian, co-founder and ED at Fourth Partner Energy added, “We currently have an aggressive target to achieve 3GW of solar capacity across all our verticals by 2025. This will mean significantly scaling up our current portfolio while growing our battery storage, energy trading and EV charging capabilities.”
CDC’s funding, guidance and sustainability expertise will pave the way for the company to leverage and grow our dominant position in this market, added Subramanian.
In 2020, the company secured a Rs 110 crore ($15 million) round of funding from Swiss climate action fund ResponsAbility and a Rs 126 crore ($16 million) investment from a consortium of European lenders, led by Symbiotics.
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