Fourth Partner Energy has raised $125 million in equity funding from Norfund, the Norwegian Investment Fund for developing countries, and existing shareholder The Rise Fund.
Comprising a $100 million from Norfund and the rest from The Rise Fund, the proceeds are to be utilised by the solar energy firm towards business expansion across India and international markets.
Fourth Partner Energy wants to leverage this round of funding and expertise of Norfund, as an institutional investor with a strong global clean energy portfolio, to further cement its leadership position, co-founder and executive director Vivek Subramanian said.
“We also believe the commercial and industrial solar market in India is ripe for consolidation and are actively pursuing acquisition opportunities on this front,” he said. The company, which manages a portfolio of 550 MW across its distributed and open access solar portfolios, is strengthening its onsite and offsite solar presence in the subcontinent as well as key markets across South and Southeast Asia. It is targeting 3 GW of installed solar capacity by 2025 and expansion of capabilities across energy storage and EV charging infrastructure.
While this is Norfund’s maiden investment in Fourth Partner Energy, The Rise Fund’s investment follows the $70 million investment it had made in July 2018, a release from the company said.
Fourth Partner Energy had secured a $33 million line of mezzanine funding in April from the CDC Group. In 2020, it had announced a $15 million round of funding from Swiss climate action fund ResponsAbility and a $16 million investment from a consortium of European lenders, led by Symbiotics.
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