Hyderabad-based Fourth Partner Energy has announced that it has raised $125 million in equity funding from Norfund, the Norwegian Investment Fund for developing countries and existing shareholder, The RISE Fund (TPG). Norfund has invested $100 million which is its maiden investment in Fourth Partner Energy. TPG has invested $25 million; its second investment in the company. Earlier in July 2018, it had invested $70 million through The RISE Fund. For the current equity infusion, Avendus Capital acted as the financial advisor to Norfund.
Fourth Partner Energy is looking towards the onsite and offsite solar market in the subcontinent as well as key markets across south and southeastAsia. The company is targeting 3 GW of installed solar capacity by 2025 along with expansion of energy storage and EV charging infrastructure technologies.
In April 2021, Fourth Partner Energy secured a $33 million line of mezzanine funding from the CDC Group.In 2020, the company announced a $15 million round of funding from Swiss climate action fund responsibility and a $16 million investment from a consortium of European lenders, led by Symbiotics.
To date, Fourth Partner Energy manages a portfolio of 550 MW across its distributed and open access solar portfolios. The company has commenced operations across Sri Lanka, Bangladesh and Vietnam. In Indonesia, the company has tied up with integrated energy major Indika Energy to offer solar solutions to corporates.