Fourth Partner Energy Raises $275 Million in Equity from IFC, ADB, and DEG Consortium

India’s leading renewable energy solutions provider, Fourth Partner Energy (FPEL), has secured a $275 million equity investment from global impact investors, including the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Germany’s DEG. The funds will support FPEL’s ambitious expansion plans, targeting a portfolio of 3.5 GW of renewable energy assets by 2026.

With an installed base of 1.5 GW of green assets, FPEL is set to commission the first phase of its 575 MW wind-solar hybrid project in Karnataka later this quarter. The new investment will accelerate the company’s efforts to meet the growing demand for clean energy.

Vivek Subramanian, Co-founder and Executive Director of Fourth Partner Energy, said, “Onboarding leading development finance institutions as equity partners is a testament to our technical capabilities and strong ESG compliance. We welcome IFC, ADB, and DEG as new partners alongside existing investors like Norfund and TPG. FPEL is now poised to transform the clean energy landscape in the region.”

IFC is leading the investment with $125 million, followed by ADB with $100 million and DEG with $50 million. According to IFC’s Regional Director for South Asia, Imad N Fakhoury, this investment will help FPEL expand its innovative renewable energy solutions, including battery storage, hybrid renewables, and floating solar, ultimately supporting India’s green energy transition.

ADB’s investment includes $70 million from its ordinary capital resources and $30 million from Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). Suzanne Gaboury, ADB’s Director General for Private Sector Operations, noted that this investment will boost India’s clean energy sector, particularly for commercial and industrial users, while helping the country achieve its net-zero goals.

DEG’s Monica Beck emphasized the importance of contributing to India’s ambitious renewable energy goals, stating, “FPEL is a key driver of CO2 reduction and energy transition in India, and we are excited to be part of this journey.”

FPEL is also developing an additional 1.2 GW of open access projects across key Indian states and continues to focus on on-site solar and battery storage as core business verticals. The company currently serves over 300 clients, including major corporations like Walmart, Unilever, Tata Motors, and Wipro.

Anders Blom, Vice President at Norfund, FPEL’s largest investor to date, welcomed the new partners and emphasized FPEL’s leadership in delivering climate solutions for businesses.