Norwegian Fund Bolsters India’s Fourth Partner Energy with ₹350 Cr Investment

Representational image. Credit: Canva

Norwegian Investment Fund for Developing Countries, Norfund, has revealed a fresh infusion of ₹350 Crore into India’s prominent renewable energy solutions platform, Fourth Partner Energy (4PEL). This marks Norfund’s second round of equity investment in 4PEL, following its initial commitment of $100 million in June 2021.


Anders Blom, Vice President at Norfund, expressed his views on this development, stating, “Over the past two years, we have gained profound insights into the technical expertise and execution capabilities demonstrated by Fourth Partner Energy. We have collaborated on wind power projects in Gujarat, while also pioneering hybrid parks in Tamil Nadu and Karnataka. The company has significantly expanded, growing from an asset base of 550 MW in 2021 to an impressive 1.35 GW today. With a steadfast commitment to aligning environmental sustainability and profitability, 4PEL’s leadership team maintains the highest standards in integrity, ESG practices, and health and safety regulations. In continuation of our partnership, Norfund eagerly contributes an additional ₹350 Crore to 4PEL, supporting their ambitious target of achieving a 3.5 GW asset portfolio by 2025.”

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Vivek Subramanian, Co-Founder and Executive Director at Fourth Partner Energy, echoed Norfund’s sentiments, highlighting the transformative phase within India’s green energy ecosystem. He noted, “Today’s corporate leaders are no longer content with simply embracing clean energy; the focus is on achieving RE100. In this context, the role of 4PEL is crucial as arguably the sole integrated provider of renewable energy solutions in India, offering end-to-end capabilities in solar, wind, hybrid, battery storage, and EV charging solutions, all on a single platform for corporate clients. Norfund’s repeated investment underscores our strong partnership and unique position within the renewables landscape. Notably, all our initial investors, including Chennai Angels, Infuse Ventures, and TPG Capital, have engaged in multiple rounds of equity investment with 4PEL.”


Vivek shed light on the company’s recent strides in debt funding, stating, “We have received reaffirmations of commitment from prominent lenders such as BII, Oiko Credit, responsAbility, SBI, IREDA, and TCCL. Further powering our expansion, Fourth Partner secured ₹560 Crore in project finance from IFC for the execution of 90 MW rooftop solar assets across India and our 75 MW solar park in Atharga, Karnataka. In Indonesia, we secured a $9 million investment from responsAbility, representing our fourth tranche from the Swiss Climate Action fund and our maiden investment for Indonesian operations.”

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After the successful commissioning of its inaugural Wind Solar Hybrid project in Gujarat, Fourth Partner Energy has unveiled plans for a substantial 600 MW ISTS (Inter State Transmission System) project in Karnataka. With ongoing solar and wind projects in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh, the company remains committed to nationwide expansion in on-site solar energy projects.

Currently boasting an installed portfolio of 1.35 GW, Fourth Partner Energy sets its sights on a robust 3.5 GW asset base by the year 2025.

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