Norwegian development investment fund, Norfund, has recently announced a new investment of Rs 350 crore into Fourth Partner Energy (4PEL), India’s leading renewable energy solutions platform.
This investment represents the second instance of equity funding from Norfund, the initial one being a $100 million investment made in June 2021.
The Vice President of Norfund, Anders Blom, expressed enthusiasm about this investment, highlighting 4PEL’s progress towards its goal of achieving a 3.5 GW asset portfolio by 2025.
Blom also mentioned successful joint initiatives, such as wind power generation in Gujarat and hybrid parks in Tamil Nadu and Karnataka. Over the years, 4PEL’s asset base has grown from 550 MW in 2021 to 1.35 GW at present.
The Co-founder and Executive Director of Fourth Partner Energy, Vivek Subramanian, emphasized the transformation occurring in India’s green energy landscape.
He noted the continued support from various lenders, including BII, OikoCredit, responsAbility, SBI, IREDA, and TCCL, on the debt side. Subramanian also mentioned the company’s financing agreements, including a project finance tie-up of INR 560 crore from IFC for 90 MW of rooftop solar assets across India and a 75 MW solar park in Atharga, Karnataka.
Furthermore, Fourth Partner Energy has secured $9 million from responsAbility for expansion in Indonesia, along with additional funding from the Swiss Climate Action fund for its operations in the country.