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Fourth Partner Energy has announced the acquisition of an 8.9-MW distributed solar portfolio from Statkraft India. The company said its first acquisition in this fiscal year is in line with its capacity expansion plans. Through the acquisition, it aims to acquire 100 MW of installed solar capacity in this fiscal year.
The company said it is growing its onsite and offsite solar footprint in the subcontinent and across key markets in South and Southeast Asia. In addition, it aims to have 3 GW installed solar capacity by 2025.
Aditya Gupta, Head–Asset Acquisition, Fourth Partner Energy said, “Acquiring good quality assets backed by strong off-takers is a key focus area for the company as we cement our leadership position and this portfolio of Statkraft is a natural fit. We believe the distributed solar market is ripe for consolidation, with assets switching hands at a rapid pace, especially in the era of the pandemic.”
“We thoroughly scrutinize build quality, historical generation, and bankability of solar projects before adding them to our asset base. Our team is well armored in terms of financing and capabilities onboard a larger portfolio and is looking to add close to a 100 MW of installed capacity this fiscal year via the acquisition route,” Gupta added.
Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. It has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, the company has tied up with Indika Energy to offer solar solutions to corporates there.
Rahul Varshney, Country Manager – India, Statkraft, said that the company has decided to exit the distributed solar power business to focus on developing large-scale projects because of changes in its solar strategy for India. With this, the company announced the sale of total interest and ownership in Statkraft Solar to Fourth Partner Energy. The company will continue to look for more investment opportunities in the clean energy market to positively contribute to India’s power sector.
Last month, Fourth Partner Energy raised $125 million in equity funding. Norwegian Investment Fund Norfund infused $100 million, while existing shareholders the Rise Fund, a global impact investment fund managed by TPG (formerly Texas Pacific Group), invested $25 million.