Bank of America lends Rs 3.56 billion to Fourth Partner Energy

The Bank of America has plans to lend Rs 3.56 billion to Fourth Partner Energy. Fourth Partner Energy is expected to use these funds to boost its solar portfolio in the country by 150 MW over the next year and a half. The loan will be the Bank of America’s first foray into commercial solar financing in India.

Fourth Partner Energy, a distributed solar energy developer for commercial, industrial and government institutions, was founded in October 2010. Its offerings include capex-, Resco- and open access-based plants. The company has executed over 1,800 installations across 23 states in India. It is backed by TPG’s The Rise Fund, which invested $70 million in the firm in June 2018.

In September 2019, it executed a 10 MW solar power plant for Bharathi Cement at its manufacturing facility at Kadapa in Andhra Pradesh. Some of the company’s other clients in the state include Walmart, Andhra Bank, D-Mart and Visakhapatnam Smart City.

In April 2019, Fourth Partner Energy announced the commissioning of eight solar projects with a capacity of 3,116 kWp in Telangana under SECI’s rooftop scheme.

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