Fourth Partner Energy Raises ₹126 Cr For New Solar Projects

In Clean Fund, Renewable Energy, Sustainability
Fourth Partner Energy

Fourth Partner Energy, India’s leading solar solutions firm for corporates, announced it has raised US$ 16 million (~₹126 Cr) in mezzanine funding from a consortium of European impact investment funds, led by Symbiotics.

This is the second round of funding announced by the firm this fiscal, after responsAbility Investments A.G. pumped in US$ 15 million in June.

Symbiotics, a leading market-access platform for impact investing, has arranged for the issuance of this bond in partnership with Netherland’s sustainable banking majors, Triodos Bank and ASN Bank.

Symbiotics Client List

This bond marks the consortium’s foray into India’s commercial solar sector.

Fourth Partner will utilize these funds towards construction of around 150 MW worth of new solar assets. Phoenix legal and Dua were advisors to this deal.

They have an operational portfolio of 400 MW of solar assets currently and is looking to add close to 350 MW capacity this fiscal.

The company is also constructing solar parks across Uttar Pradesh, Maharashtra and Tamil Nadu as part of its Open Access portfolio.

Founded in 2010, Fourth Partner Energy has grown to become India’s largest company in the distributed solar sector catering to over 150 major businesses including Walmart, Hindustan Unilever, Ferrero, UltraTech Cement, Coca Cola, PepsiCo, DMart, AkzoNobel, Skoda, Colgate Palmolive and Myntra.

Fourth Partner Energy

The company commenced International operations in FY20, with South and South East Asia being focus markets.

They forayed into solar-powered EV Charging infrastructure in March this year, through a 50:50 JV with leading commercial EV fleet operator, Lithium Urban Technologies and has set up charging hubs in Gurugram and Pune.

Reference- Symbiotics PR, Mercom India, Economic Times, Business Standard

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