Fourth Partner Energy attracts funds to advance 3.5-GW portfolio target

India-based renewable energy solutions platform Fourth Partner Energy (FPEL) has secured a USD-275-million (USD 301.5m) equity investment to support its goal of achieving a portfolio of 3.5 GW of renewable energy assets by 2026.

The funds were provided by a consortium comprising the International Finance Corporation (IFC), which poured USD 125 million, and the Asian Development Bank (ADB) and DEG, each contributing USD 100 million and USD 50 million, respectively.

The three new backers joined a shareholder base that already includes Norwegian investment fund Norfund and US private equity firm TPG.

Hyderabad-headquartered FPEL is focused on building and financing solar, wind, hybrid, battery storage and EV charging solutions for commercial, industrial and institutional entities. The company has an installed asset base of 1.5 GW and is about to commission the first phase of its maiden 575-MW wind solar hybrid project in Karnataka later this quarter.

(EUR 1 = USD 1.097)

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