Fourth Partner Energy raises Rs 125-crore debt
Fourth Partner Energy (FPEPL) has raised ₹125 crore in debt majorly from private credit funds Modulus Alternatives and Incred Private Credit Fund at an interest rate of 14-15%.
The fund will be used for expanding the generation capacity, sources said.
FPEPL has an operational portfolio of 1.0 GW in renewable energy generation and an under-construction pipeline of 0.4 GW, taking the total portfolio to 1.4 GW.
Founded in 2010 by entrepreneurs Vivek Subramanian and Saif Dhoraijwala, FPEPL has raised ₹1,600 crore in equity funding since its inception, with investments from funds like TPG's Rise Fund and Norfund, a Norwegian development-focused fund.
It primarily functions as an EPC company, undertaking construction and installation activities for renewable power projects. It also develops renewable power assets under its special purpose vehicles (SPVs) through the opex or operational expenses model where the developer owns the project and the consumer pays for the energy generated.
Modulus Alternatives made an investment of ₹75 crore in the form of NCDs issued by FPEPL Group through its India Credit Opportunities Fund II. This is Modulus' first investment in the renewable energy sector.
Incred Private Credit fund invested ₹35 crore.
«The growth of the renewable energy space is critical both from incremental energy supply and generation and from achieving decarbonisation,» said Rakshat Kapoor, chief investment officer at Modulus Alternatives.
Incred had been a debt provider to FPEPL for the last two years.
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