Norway’s state-owned Norfund and TPG Capital’s RISE Fund have invested $100 million and $25 million respectively in Hyderabad-based Fourth Partner Energy.
Fourth Partner Energy is India’s leading solar energy company committed to helping businesses switch to cleaner, cheaper solar power. The compnay have leveraged technology and innovation to become a one-stop renewable energy solutions platform for India’s commercial and industrial sectors. Fourth Partner Energy offers onsite & offsite solar, energy trading, battery storage and electric vehicle infrastructure solutions.
Norfund (Norwegian Investment Fund for Developing Countries) is an investment company intended to develop and establish profitable and sustainable enterprises in poor countries. The objective is to promote business development and contribute to economic growth.
Fourth Partner Energy had raised $125 Mn in equity funding from Norwegian Investment Fund – Norfund and existing shareholder The Rise Fund, TPG’s global impact investing platform. This $100 Mn marks Norfund’s maiden investment into India’s leading solar energy company, while The Rise Fund is investing an additional $25 Mn into Fourth Partner, following its $70 Mn investment in July 2018,” the companies said in a joint statement.
Vivek Subramanian, co-founder and executive director, Fourth Partner Energy said “We are keen on leveraging this round of funding to further cement our leadership position. We also believe the C&I solar market in India is ripe for consolidation and are actively pursuing acquisition opportunities on this front,”.
The company is targeting 3 GW of installed solar capacity by 2025 and expansion of capabilities across energy storage, EV charging infrastructure.