Fourth Partner receives Rs 2.5 billion funding from CDC

Fourth Partner Energy has received a funding of Rs 2.5 billion from CDC Group, a UK-based development finance institution in the form of non-convertible debentures. This is CDC’s first investment in the commercial and industrial solar segment in India. The funding will be used to develop renewable energy in India and South Asia. As per the press release, CDC’s investment will fund about 217 MW greenfield renewable power generation in India. This would result in curbing about 258,000 tonnes of carbon dioxide emissions per year.

Fourth Partner has a target to achieve 3 GW of solar capacity across all our verticals by 2025. The company currently has a portfolio of 550 MW across its distributed and open access portfolios and has commenced operations across Sri Lanka, Bangladesh and Vietnam.In Indonesia, it has tied up with integrated energy major Indika Energy to offer solar solutions to corporates there.

This is Fourth Partner Energy’s first major round of fundraising in 2021.In July 2020, 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. Earlier, 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.Fourth Partner Energy has also tied up with Lithium Urban Technologies to form a 50:50 JV, Shuchi Anant Virya to offer EV charging infrastructure solutions. The JV has commissioned EV charging hubs across Gurugram, Pune, Kolkata and has partnered with HPCL to set up chargers across its retail fuel outlets.

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