Norfund invests additional ₹350 cr in Fourth Partner Energy
Investment Fund for developing countries, 'Norfund' has announced a fresh investment of ₹350 crore in renewable energy solutions platform Fourth Partner Energy. This is the second round of equity infusion by Norfund into Fourth Partner Energy, following its $100 million investment in June 2021.
“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.
The company has grown from an asset base of 550 MW in 2021 to 1.35 GW today. To further our partnership, Norfund is excited to infuse an additional ₹350 crore into 4PEL as they inch closer to the 3.5 GW asset portfolio target by 2025," said Anders Blom, vice president at Norfund.
Vivek Subramanian, co-founder & executive director at Fourth Partner Energy said, “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." Subramanian said that on the debt side, as well, most lenders like BII, Oiko Credit, responsAbility, SBI, IREDA and TCCL have repeated their commitment.
Fourth Partner has also tied up ₹560 crore 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, the company
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