Hyderabad-based Fourth Partner Energy raises $125 million
Funding from Norwegian Investment Fund and TPG’s fund to help the solar solutions in business expansion across India and global markets
Hyderabad: Hyderabad-based Fourth Partner Energy raised $125 million (about Rs 930 crore) in equity funding from Norwegian Investment Fund – Norfund and existing shareholder The Rise Fund, TPG’s global impact investing platform.
This $100 million (about Rs 745 crore) marks Norfund’s maiden investment into India’s solar energy company, while The Rise Fund is investing an additional $25 million (about Rs 185 crore) into Fourth Partner, following its $70 million (about Rs 520 crore) investment in July 2018.
After establishing itself in the distributed solar solutions space, Fourth Partner Energy is now strengthening its onsite and offsite solar presence in the subcontinent; as well as key markets across South and Southeast Asia. The company is targeting 3 GW of installed solar capacity by 2025 and expansion of capabilities across energy storage, EV charging infrastructure.
Talking about the new partnership and utilisation of funds, Vivek Subramanian, co-founder & ED, Fourth Partner Energy said, “Norfund is an established, long-term, institutional investor with a strong global clean energy portfolio, committed to driving impact. We are keen on leveraging this round of funding and their expertise to further cement our leadership position. We also believe the commercial & industrial (C&I) solar market in India is ripe for consolidation and are actively pursuing acquisition opportunities on this front.”
“Our transformational relationship with TPG’s RISE Fund has enabled us to partner with high quality, ESG-centric financiers like Norfund and we continue to seek to work with the best global institutions going ahead,” he added.
Anders Blom, VP, Norfund, added, “Across Asia, Africa and Central America, Norfund has invested in and with companies like Globeleq, Scatec, Berkeley Energy Commercial and Industrial Solutions, d.Light and Yoma Micropower – which prioritise profitability while simultaneously addressing climate change, poverty alleviation and employment generation. Fourth Partner Energy is enabling decarbonisation of the C&I sector in one of the most pivotal global markets.”
“As the global community continues to tackle climate change, Fourth Partner is leading India’s transition to renewable energy. The Rise Fund’s mission is to back businesses that help solve global issues like climate change while delivering attractive returns on investment. Since our initial investment, Fourth Partner has built a world-class team that consistently delivers strong fundamentals while focusing on high quality customers and carbon aversion,” added Ankur Thadani, Business Unit Partner, The Rise Fund.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .