The investment will fund approximately 217 megawatts (MW) greenfield renewable power generation in India, avoiding 258,000 tonnes of annual carbon emissions
Hyderabad-based solar energy firm Fourth Partner Energy has received an investment of Rs 250 crore from British finance institution CDC Group. The funding, which is the company’s first major one this year, would be used to grow its renewable solutions platform across India and South Asia, the company said in a statement.
CDC’s investment will support India’s clean energy transition and enable the provision of cleaner energy to businesses. It 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.
Vivek Subramanian, co-founder and executive director at Fourth Partner Energy, said, “We currently have a target to achieve 3 GW of solar capacity across all our verticals by 2025. This will mean significantly scaling up our current portfolio while also growing our battery storage, energy trading and EV charging capabilities.”
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 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,” said Srini Nagarajan, managing director and Head of Asia at CDC.
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.