Fourth Partner Energy, a Hyderabad-based solar energy company plans to expand across the subcontinent.
This expansion comes in the backdrop of the company raising $125 million in equity funding from Norwegian Investment Fund–Norfund and existing shareholder The Rise Fund, TPG’s global impact investing platform.
Fourth Partner Energy is strengthening its onsite and offsite solar presence in the subcontinent and key markets across South and Southeast Asia. The company targets 3 GW of installed solar capacity by 2025 and expands capabilities across energy storage and EV charging infrastructure, the company said.
“We are keen on leveraging this round of funding and their expertise to further cement our leadership position. We also believe the solar market in India is ripe for consolidation and are actively pursuing acquisition opportunities on this front,” said Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy.
“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.
“Fourth Partner Energy is enabling decarbonization of the C&I sector in one of the most pivotal global markets. We are thrilled to partner with a business that is not just the industry leader but has adhered to high standards of business integrity, ESG and health & safety practices.
We look forward to working with their core team and Rise Fund in helping achieve Fourth Partner’s 3GW target by 2025,” said Anders Blom, Vice President at Norfund.
“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.
Norfund is a great addition to this team, as they share our commitment to strong corporate governance, impact and ESG,” said Ankur Thadani, Business Unit Partner at The Rise Fund.
In April 2021, Fourth Partner Energy secured a $33 Mn line of mezzanine funding from the CDC Group; prior to which in 2020 the company announced a $15 Mn round of funding from Swiss climate action fund Responsibility and a $16 Mn investment from a consortium of European lenders, led by Symbiotics, the company added.