Fourth Partner Energy Private Limited (FPEL) has announced the successful closure of a ₹780 crore refinancing deal for the majority of its rooftop solar portfolio. The refinancing was secured from NIIF Infrastructure Finance Limited (NIIF IFL), an infrastructure debt fund dedicated to providing sustainable financing solutions for operating infrastructure assets across India.
FPEL currently operates one of the largest rooftop solar portfolios in the country, with 370 MW of installed capacity spread across 24 Indian states. The company supplies clean energy to leading corporates such as Hindustan Unilever Limited (HUL), D-Mart, Ultratech, Walmart, Hyundai, Colorcon, and Tata Consultancy Services (TCS), contributing significantly to India’s corporate decarbonization goals.
According to Jignasa Jani Visaria, Head – Renewable Capital at Fourth Partner Energy, the refinancing marks a major milestone for the company and underscores its commitment to sustainable growth. She explained that the company’s objective was to identify a single financial institution to refinance its entire rooftop solar portfolio, and NIIF IFL emerged as the preferred partner due to its strong expertise in infrastructure financing and prior collaborative experience with FPEL.
She further added that NIIF IFL demonstrated a deep understanding of the complexities involved in FPEL’s distributed generation portfolio, including its regulatory landscape, business model, and diversified project mix. “The refinancing solution offered by NIIF IFL is both innovative and unprecedented in India’s distributed solar generation sector. The transaction was completed in just a few weeks, reflecting the efficiency and expertise of both teams. We believe this partnership gives us a competitive edge and reaffirms FPEL’s leadership in India’s rooftop and distributed solar space,” said Visaria.
Commenting on the development, Sourabh Shrivastava, Director – Business at NIIF IFL, emphasized the organization’s commitment to supporting India’s clean energy transition through sustainable financing mechanisms. “This transaction presented unique challenges due to the scale and diversity of the project sites, off-takers, and power purchase agreements (PPAs). Our team structured a customized debt solution specifically tailored for this niche segment, which plays a vital role in the country’s renewable energy ecosystem. Our collaboration with Fourth Partner Energy reinforces NIIF IFL’s belief in the transformative potential of India’s renewable sector,” he said.
Beyond its rooftop solar assets, Fourth Partner Energy has built a robust and diversified renewable energy portfolio. The company has commissioned over 1.2 GW of projects under the open access route and is currently developing more than 800 MW of wind-solar hybrid power projects. It has also successfully implemented Battery Energy Storage Systems (BESS) with a combined capacity exceeding 50 MWh, designed to supply round-the-clock clean energy to corporate clients.
All of FPEL’s projects are managed through an in-house, AI-enabled energy management system, ensuring real-time monitoring and optimized performance across assets. The company aims to expand its total installed capacity to 9 GW by 2031, further cementing its position as a leading integrated renewable energy platform in India. Earlier this year, FPEL raised $275 million in equity funding from the International Finance Corporation (IFC), the Asian Development Bank (ADB), and DEG, strengthening its capital base to support future growth.
The refinancing deal with NIIF IFL not only enhances FPEL’s financial flexibility but also reinforces the growing investor confidence in India’s renewable energy and distributed solar sectors. It serves as a model for innovative financing solutions that can accelerate the country’s transition toward cleaner, more resilient energy infrastructure.
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