Norfund Invests in Fourth Partner Energy Worth INR 350 Crore for Growth of RE Solutions in India
This highlights Norfund’s second round of equity investment in 4PEL, ensuing its earlier deal of USD 100 million in June 2021.
August 14, 2023. By EI News Network
Anders Blom, Vice President at Norfund, stated, “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.”
Vivek Subramanian, Co-Founder and Executive Director at Fourth Partner Energy, said, “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.”
Fourth Partner Energy has 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.
Norfund and TPG Capital’s RISE Fund have outlaid USD 100 million and USD 25 million respectively in Hyderabad-based Fourth Partner Energy.
please contact: contact@energetica-india.net.
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