Hyderabad’s Fourth Partner Energy To Receive $125 million Funding From Norfund: Report 

0

Following the funding, Norfund will have a 40 per cent stake in the firm

Hyderabad-based solar energy firm is expecting an investment of about $125 million from Norwegian state-owned private equity fund, Norfund, as per a report. 

Citing sources aware of the development, The Economic Times reported that following the funding, Norfund will have a 40 per cent stake in the firm. Avendus Capital was the advisor to Norfund for the transaction.

Currently, TPG Capital holds a 84 per cent stake in Fourth Partner. 

Norfund is the Norwegian government’s fund for developing countries which aims to create jobs by investing in businesses that drive sustainable development and has invested about $3.3 billion till date. 

Earlier this year, the firm has secured an investment of Rs 250 crore from British finance institution CDC Group, which would be used to grow Fourth Partner’s renewable solutions platform across India and South Asia. 

CDC’s investment will fund approximately 217 megawatts (MW) greenfield renewable power generation in India, to displace primarily thermal power generation, avoiding 258,000 tonnes of annual carbon emissions.

Founded in 2010 by Saif Dhorajiwala, Vivek Subramanian and Vikas Saluguti, Fourth Partner provides renewable energy solutions to businesses, government and institutions. The company’s clients include Airtel, Axis Bank, Britannia, EY, Hindustan Unilever, Glenmark, Schneider, DMart and Walmart.

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.

In 2020, Fourth Partner Energy had secured a Rs 110 crore funding from Swiss climate action fund ResponsAbility and a Rs 126-crore investment from a consortium of European lenders, led by Symbiotics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!