CDC Group to Invest Rs 250 Cr into Fourth Partner Energy

UK-based CDC Group is planning to invest Rs 250 crore into Fourth Partner Energy, India’s solar energy developer for commercial and industrial (C&I) businesses.

The company has planned to use the capital towards growing its renewable solutions platform across India and South Asia.

CDC Group said that it will fund approximately 217 MW of greenfield renewable power generation in India, to displace primarily thermal power generation, avoiding 258k tonnes of annual CO2 emissions.

Speaking on this investment, Srini Nagarajan, Managing Director and Head of Asia at CDC, said “we are thrilled to partner with Fourth Partner Energy, a leading player in the C&I solar in India, at a time when the nascent sector is playing an increasingly important role in decarbonizing businesses.”

He further said, “CDC is committed to making long-term investments alongside our investment partners, with a clear purpose to bolster efforts toward achieving a net-zero carbon future in India and across the region. We have been building scale in the renewable power sector and this investment into Fourth Partner Energy, on the distributed solar side of the sector, is a strategic investment that further enhances India’s renewable power capacity. We are proud to continue our partnership with TPG Capital by backing a business that is contributing to the enhancement of India green energy generation.”

To date, Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios, and has commenced operations across Sri Lanka, Bangladesh and Vietnam.

“We currently have an aggressive target to achieve 3GW of solar capacity across all our verticals by 2025. This will mean significantly scaling up our current portfolio while growing our battery storage, energy trading and EV charging capabilities. India’s C&I solar segment is growing exponentially, driven by strong sustainability mandates from all corporates. A long-term and patient capital provider like CDC fits perfectly into 4PEL’s financing ecosystem. CDC’s funding, guidance and sustainability expertise will pave the way for the company to leverage and grow our dominant position in this market,” said Vivek Subramanian, Co-founder and Executive Director at Fourth Partner Energy.