Fourth Partner raises Rs 1.12 billion from Swiss firm responsAbility

Fourth Partner Energy has raised about Rs 1.12 billion in debt funding from Swiss asset manager responsAbility. This is the third round of funding given by responsAbilitythrough its climate finance funds, while the first two rounds of financing were closed in 2016 and 2017. The funds received will be used for the construction of new assets across Fourth Partner’s distributed solar and open access portfolios.

In March 2020, Fourth Partner Energy received a loan of Rs 5 million from Grameen Impact India, a non-banking finance corporation registered under the Reserve Bank of India, towards its Power@1 programme. The company will use the funds to implement its Power@1 programme at the Madras Diabetes Research Centre in Tamil Nadu. Through the Power@1 programme, Fourth Partner Energy aims to provide electricity to non-profit organisations like government schools, rural hospitals, and others at a rate of Rs 1 per kWh. The company expects to add capacity of close to 350 MW across its portfolios. Currently, the firm operates over 400 MW of assets for over 150 corporate and government clients in India. Its ongoing projects include solar parks in Maharashtra, Tamil Nadu, and Uttar Pradesh.