DEG-IFC-ADB trio eyes renewable energy firm Fourth Partner
investing $300 million to acquire a majority stake in renewable energy (RE) firm Fourth Partner Energy, two people aware of the development said.
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The deal involves buying out private equity firm TPG Capital's 52% stake in Hyderabad-based Fourth Partner Energy and an additional primary capital infusion. The deal is pegged at an enterprise value of $1 billion.
Fourth Partner Energy focuses on building and financing RE projects for commercial and industrial (C&I) entities. The company has an installed portfolio of 1.35 GW currently and is targeting a 3.5 GW asset base by 2025.
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TPG Capital, through its impact investment arm, The Rise Fund, invested $70 million in Fourth Partner Energy and acquired a majority stake for $100 million all told.
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TPG and Norway-owned private equity fund Norfund have invested a total Rs 1,247 crore. Another investor in Fourth Partner Energy is UK government-owned British International Investment (formerly CDC Group), which invested Rs 250 crore in 2021.
TPG, DEG, ADB and IFC didn't respond to
