Global impact investors IFC, ADB, and DEG have announced a $275 million investment in Fourth Partner Energy (FPEL), India’s leading renewable energy solutions platform. This funding will support FPEL’s expansion efforts, aiming for a portfolio of 3.5 GW of renewable energy assets by 2026.
Currently, FPEL has an installed capacity of 1.5 GW in green assets and plans to launch the first phase of its inaugural 575 MW wind-solar hybrid project, operating under the Inter-State Transmission System (ISTS) route, in Karnataka later this quarter.
Announcing the closure of fund-raising, Vivek Subramanian, Co-founder & ED, Fourth Partner Energy said, “We welcome IFC, ADB and DEG as new partners to join our existing high quality equity investor base comprising of Norfund and TPG. Fourth Partner Energy is now poised to transform the region’s clean energy landscape and assist more businesses in reaching their RE100 goals in a just, equitable manner.”
World Bank’s IFC is leading the consortium with an investment of $125 Mn, while ADB is infusing $100 Mn and Germany’s DEG is at $50 Mn to complete this round of fundraising.
“Reducing the energy sector’s carbon footprint is critical to realizing India’s green ambitions. Our investment will help FPEL expand its renewable energy offerings and increase the supply of affordable, clean energy for commercial and industrial consumers across the country. Strategic investments in distributed generation through corporate PPAs are creating a new asset class, key to diversifying India’s energy mix. Together with our partners, we aim to support India’s green transition and make a meaningful impact on the country’s sustainable energy journey,” added Imad N Fakhoury, IFC’s Regional Director for South Asia.